Kathmandu: Axiata with active connivance of Satish Lal acharya controlled companies has defrauded the Nepali government through sham transactions since 2015 this has resulted and could continue to result in a loss of billions of Rupees in taxes and other fees.
In a cover up operation to buy the silence of its Nepali partner Satish & cause further loss to the country , Axaiata is on the verge of selling Ncell in a sham ( fronting transaction ) whereby, Satish Lal Acharya & brother Sachin Lal Acharya , through overseas & local shell company will be indirectly buying Ncell for a pittance but will be sharing dividends as well as capital gains from further sale of Ncell with Axiata on an ongoing basis
In December 2015, USD 90 mln flowed from Axiata to Southern Coast Ventures Pvt Ltd (SCV), a company connected to Sunivera Capital Venture, which bought the 20% stake in Ncell and became Axiata’s local partner. SCV, is linked to a house wife Bhavana Singh Shrestha, whose husband is Satish Lal Acharya whose company was first given bonus shares to increase his stake in Axiata's Cambodian business and then these very shares coupled with some more shares form Satish's 10 % shareholding , (which Axiata had graciously left with Satish's company, (during the merger of their Cambodian business with a dying Smart Cambodia ) , were bought to provide funding for SCV and making him a sham partner , ( fronted by his wife) who then helped Axiata to cause financial harm to Nepal .
To buy continued silence of Satish , Axiata is now proposing to , on paper , sell Ncell to Satish, against pledge of shares of the Cambodian business but retaining rights to share dividends and capital gains. This sham transaction would not only release Axiata from the liability it already has, but also, based on a sham transaction continue to cause financial harm to Nepal by using Satish a foreigner , Sachin his Nepalese brother and his wife a Nepalese who lives in Singapore , acting in concert with Axiata through shell companies
A number of shell companies used in these past sham transactions of creating a Nepali shareholder to cheat Nepal & to commit a fraud on Nepal & Axiata shareholders, include Timeturns Holdings Ltd, Latelz Co Ltd , Glasswool , South Coast Venture and Sunivera Capital , all linked to Satish Lal Acharya , who is a Singaporean ( Non resident Nepali) and lives with his Nepali wife Bhavna singh in Singapore.
Satish Lal Acharya while acting fully in concert with Axiata ( as can be seen from his actions and silence over the last so many years ) , is also pressuring Axiata to now , hurriedly execute the sale of Ncell in his & his brother Sachin Lal Acharya's favour by threatening to be a whistle blower by voicing his objection to dividend distribution through his nominee , (in an AGM held recently on 23rd November 2023) . He is fully aware that being a minority he will be over ruled but by voicing all this in board meetings and AGM through nominees , he is essentially incentivising Axiata to do a deal hurriedly , & save them from injecting more money into the country if the Sec 57 case currently in the Supreme Court is ruled against them/ Ncell.
Satish also is trying to deprive the Nepali government of its rightful ownership of a Ncell through Sham dealings now, where he continues to front for Axiata & shares dividend and other profits with them , till both of them eventually fully defraud the government , the courts , the agencies and essentially the people of Nepal . They are purposely bringing out bad press statements to defame the country and use people like Khanal ex chairman NTA to further their means.