Mahato denies taking wealth to foreign countries

- Anuj Kumar Adhikari, Kathmandu

Jan 19, 2019-

Businessmen Upendra Mahato has denied having invested in offshore companies and bringing investment into Nepal from tax havens as a foreigner.

“Recent reports based on the findings of the Centre for Investigative Journalism create an illusion by alleging me of financial wrongdoing,” Mahato, the former president of the Non-resident Nepali Association, said in a statement on Friday.

Mahato stated that he had been abroad for the last four decades for education, and business expansion with investments in foreign companies. “It is disheartening to see the names of my family members dragged into unnecessary controversy,” he stated.

A CIJ-Nepal report on Wednesday said Mahato and his brother, with a nexus of foreign nationals and politicians, set up offshore companies and used the country’s major mobile network operator Ncell to launder black money under foreign direct investment while taking the profit to foreign countries.

Refuting the report, Mahato said: “Whatever investments that I have made in Nepal were as a Nepali. I have not invested in any projects in Nepal as a foreigner.”

Published: 19-01-2019 09:09

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