The judgment of the case filed by Ncell in the international court demanding 45.6 billion compensation from Nepal is coming

Share This Post

The judgment of the case filed by Ncell in the international court demanding 45.6 billion compensation from Nepal is coming

Kathmandu. The case being heard in the International Court was submitted by the mobile service provider Asiata , who sought 348 million US dollars ( Rs.

On March 7, the entire procedure in case was concluded by the tribunal (arbitration) established by the World Bank's ICSID Center for the International Settlement of Investment Disputes.

The majority stake in Reynolds Limited, which holds 80% of the shares in Ncell, was sold by the Swedish firm TeliaSonera to the Malaysian firm Aziata in 2016. The Nepalese received 44 rupees in profit the same purchase and sale.

The Government of Nepal was sued in arbitration by Aziata UK Limited and Ncell Private Limited for collecting capital gains tax in breach of the bilateral tax . It is based on the 1993 bilateral investment agreement signed by Nepal and the UK.

On 18, 2019, ICSID established a tribunal to address the complaint. Dutch Albert Jan van den Berg on behalf of Ncell and American Paul Friedland on behalf of Nepal are arbitrators in the court presided by South Korean Jung Ki.

The decision in case is still pending. Within the following 120 days, the arbitration's ultimate ruling is anticipated. If Ncell wins, the Nepali government will be required to repay more than 45 billion rupees were paid in capital gains tax.

Advocates Surya Subedi (UK), Foley Hong (USA), and Chhetri & Associates (USA) from the Ministry of Law, Justice, and Parliamentary Affairs (UK) represented the Government of Nepal in the arbitration. Herbert Smith Freehills of London and Hong Kong and Alison Macdonald of the UK represented the claimant in the arbitration.

Related Posts

Tecno Spark 10 Pro Price in Nepal & Review

The Tecno Spark 10 Pro is a good option...

OnePlus Nord CE 2 5G – Price in Nepal and Specifications

The OnePlus Nord CE 2 5G is a mid-range...

Exploring Ayurvedic Diet: Nourish Your Body and Balance Your Doshas

Ayurveda is a holistic system of medicine that originated...

Apple Watch Ultra Launched in Nepal. Price & Specifications

Apple has launched its most rugged and capable Apple...

Apple Watch Series 8 Launched in Nepal: Price, Specs, and Availability

Apple Watch Series 8 is now available in Nepal....

Redmi Note 12 Pro 5G Price in Nepal – The Ultimate Mid-Range Smartphone

Price: NPR 38,999 (6/128GB) and NPR 41,999 (8/256GB) Display: 6.67-inch...
- Advertisement -