On Wednesday, Nepal experienced an operation led by the Commission for the Investigation of Abuse of Authority (CIAA). They conducted a raid at the Securities Board of Nepal (SEBON), suspecting that this regulatory body might have been involved in financial misconduct during their approval process for initial public offerings from newly established firms.
The CIAA operation targeting the SEBON occurs as the regulatory authority faces allegations from several firms, predominantly those involved in hydropower development, accusing it of soliciting bribes during the process of granting IPO permissions. Hydropower company executives have pointed fingers at top-ranking officials within the SEBON, claiming they demanded commissions reaching up to five percent of the total IPO issuance value.
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More than three dozen hydroelectric firms are presently waiting for SEBON approval prior to launching their initial public offerings. A representative from CIAA stated that the anticorruption agency has taken charge of documentation pertaining to 89 businesses lined up to issue their IPOs.
Published by HT Digital Content Services with authorization from Republica.
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