Kathmandu May 29 – Axiata and NCELL have received the arbitration decision of the International Center for the Settlement of Investment Disputes (ICSID).
It is mentioned in the release that ICSID has received the decision of its arbitration proceedings in relation to the request made by Axiata UK to arbitrate the capital gains tax imposed by Nepal when it acquired 80 percent of Ncell’s shares indirectly in 2016.
‘Arising from Nepal’s non-adherence to Tribunal orders during the early stage of the process, Nepal has also been ordered to pay certain sums to Axiata UK and Ncell, being a sum of approximately USD1.4 million to Axiata and to reimburse Ncell for the cost of a loan taken out by Ncell. No sums are payable by Axiata UK or Ncell under the Award’, mentioned in release.
Similarly, Ncell has also said that it will respect the decision made by the international court regarding profit tax. Aziata respects the tribunal’s decision and is consulting with its legal advisors regarding the decision. Updates on this matter will be announced later. Aziata thanks ICSID and all participants involved in the process and will continue to engage constructively with the Government of Nepal’, the statement said.
It is also said that Aziata and Ncell have contributed to the economic and social development of Nepal.
