Ncell probe report recommends rejecting share buyout deal over serious illegalities
Summary
A government probe panel has recommended rejecting Ncell Limited’s share sale agreement over unapproved transactions, financial opacity, and serious regulatory breaches. The report also urges anti-corruption and tax agencies to investigate revenue leaks, offshore settlements, and hidden foreign control in the telecom operator.
Key Points
- A government probe panel led by former Auditor General Tanka Mani Sharma Dangal said Ncell’s controversial share sale deal should be rejected.
- The report found that Axiata Group Berhad and Spectrlite UK carried out the transaction without required regulatory approval.
- It said Spectrlite UK lacked the technical and financial capacity to run Ncell, while Axiata retained indirect control after the sale.
- The panel urged investigators to examine revenue leaks, offshore settlements, hidden foreign control of Ncell’s domestic stake, and safeguards before license renewals.
