Kathmandu. The Independent Power Producers Association (IPPAN) on Tuesday publicly accused them of demanding 5 to 7 percent commission in the IPO issuance.
Before the intermediaries accused them of demanding commission, citing the Chairman of the Securities Board of Nepal, they had already appealed to the leaders of major political parties and parliamentary committee chairmen to facilitate the approval process for the IPO issuance. The energy producers themselves had even met Prime Minister KP Oli and requested him to create an environment to move the approval process forward.
While assurances of ‘cooperation’ were being received from all sides, the work was not progressing. On the other hand, there was constant pressure from the intermediaries for commission. ‘The middlemen were not only pressuring for commission, where will the leaders, ministers and the Prime Minister go to show their power? The work will not be done unless we want it, now the commission should be increased’, they were threatening instead.
After receiving only disappointment from all sides, some energy producers secretly discussed and started collecting evidence.
In the meantime, they managed to collect sufficient evidence that the middlemen had asked for commission for the IPO issuance. After collecting evidence, they met Prem Kumar Rai, Chief Commissioner of the Commission for the Investigation of Abuse of Authority, on Sunday and submitted all the evidence and requested for action. Only after submitting the evidence to the authority, did they inform the media about the commission being asked for. ‘We met the Chief Commissioner of the Authority four days ago and submitted sufficient evidence, what will he do now? We are waiting.’, an energy producer told Singha Durbar.
The energy producers have said that they have provided the audio, video and some messages of commission being demanded from them to the Authority Chief Rai. ‘After we submitted the necessary evidence, he said that he would investigate and take action. We are waiting to see action taken against the anti-development and commission takers.’, the energy promoter told Singha Durbar.
He also said that while a commission of two to four lakh rupees was normal at the Securities and Exchange Board of Nepal, they are now panicking after crores of rupees have started being demanded. “The issue of getting work done by paying two to four lakh rupees had become commonplace, now they started asking for a commission of 8-10 crore rupees to issue an IPO worth 40 crore rupees, and we were forced to expose the issue,” the energy promoter added.
In the parliament meeting on Wednesday, Maoist Center MP Madhav Sapkota and RPP MP Roshan Karki had demanded an investigation and action against the chairman of the Securities and Exchange Board of Nepal. .
Middleman terror at Securities Board – Commission of up to 7% mandatory for IPO approval
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