Government to implement investigation committee’s report on Ncell share purchase

Last Updated on July 5, 2026

Summary✨

The government will implement the report on the Ncell shares controversy after 100 days in office.

The Central Investigation Bureau is investigating fraud and breach of trust linked to the Ncell share transaction.

Axiata sold its shares in Ncell to Spectrlite UK in December 2023, raising suspicions of irregularities and tax evasion.

The committee report highlights concerns over valuation gaps and Spectrlite UK’s lack of capacity for the acquisition.

Ncell’s license is expiring in 2029, with potential shifts toward state ownership under investigation.

The government is set to implement the report of the high-level investigation committee that examined the controversy surrounding the purchase, sale, and ownership transfer of Ncell shares. The government shared this decision in a document titled Major Achievements, which was to mark the completion of its first 100 days in office.

According to the government, the Central Investigation Bureau (CIB) of Nepal Police is currently investigating the case on charges of fraud, criminal activities, and breach of trust.

For the unaware, Axiata sold its 80% shares in Ncell to UK-based Spectrlite UK Ltd. in December, 2023. The stake was sold for $50 million in 2016. However, Axiata had paid $1.36 billion to Swedish telco TeliaSonera and Reynolds Holdings’ SEA Telecom Investments to acquire the 80% in Ncell.

The Axiata-Spectrlite’s entire process has come under the government scrutiny with suspicions of irregularities. A Nepali-origin businessman, Satish Lal Acharya, owns Spectrlite UK.

The committee report has stated that Ncell’s share transaction might have included financial irregularities, undervaluation, and tax evasion.

The committee holds that the wide valuation gap attracts suspicion that the transaction was carried out through offshore channels to evade capital gains tax payable to the Nepali government. Further, it adds that Satish Lal Acharya and his company, Spectrlite UK, lacked the necessary technical and financial capacity to acquire Ncell.

The rule is that a telecom company in Nepal with a foreign investment must have a local partner with up to 20% of the stake. The committee report holds that although Spectrlite UK holds 80% of shares, the domestic shares are also controlled by the same family, through his wife Bhawana Singh Shrestha.

The committee’s report also expresses concern over the role of the regulator, Nepal Telecommunications Authority (NTA), for its lack of action during the share transfer.

Ncell’s license is expiring in 2029, and there’s also talk of the company coming under state ownership. The company, though, has expressed its desire to continue operating as a private company in Nepal. But before all that, the investigation committee’s report may come into effect on the Axiata-Spectrlite share transfer.

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Dinesh

Senior Editor; An experienced tech writer covering news mostly on telecommunication, internet, latest tech & trends, and Gadgets. Being a technophile, I am particularly fascinated by the evolution of mobile networks in Nepal from legacy networks (2G, 3G) to 4G (with VoLTE, VoWiFi, eSIM) and the prospects of the upcoming 5G, and equally enthralled by the development of internet from the dial-up connection to the 2 Gbps XGS-PON fiber broadband technology and their transformative impact in the country.