Asia - pacific

Panama-type scandal hits Nepal as leader promises probe

London based group claims 55 Nepalese stashed $45 million in Swiss banks

Panama-type scandal hits Nepal as leader promises probe File Photo

By Riyaz ul Khaliq


The Nepalese government promised an investigation Friday into an alleged scandal involving 55 citizens of the land-locked Himalayan country that stashed money abroad -- an act considered illegal locally.

The assurance comes two days after the London-based Centre for Investigative Journalism (CIJ) revealed that money was stashed in Swiss banks.

Nepalese Prime Minister KP Sharma Oli told parliament his government “will investigate the report findings”, My Republica newspaper reported.

The CIJ report released Wednesday said 55 Nepalese stashed away more than Nepalese Rs 52 billion ($45 million) in Swiss banks.

“[We will] bring out the facts,” Oli assured lawmakers.

A similar scandal was disclosed by a consortium of journalists in 2016 when “The Panama Papers” leaks revealed shadowy financial dealing of many politicians around the world.

The CIJ report claimed that Nepalese who stored money in Swiss banks reaped benefits to the tune of Nepalese Rs 7 billion ($6 million).

Oli said his government is “committed for good governance and development, transparency and ending corruption.

“Depositing money in the foreign banks illegally breaches Nepali law and is not tolerable,” he added.

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