Kathmandu. Independent Power Producers Association Nepal (IPPAN) has written a reply to the Securities Board of Nepal. IPPAN has written a letter alleging that middlemen have demanded bribes for approval of the IPO.
IPPAN Chairman Ganesh Karki said that he has written a reply to the Securities Board. He said, “We have mentioned in the letter that the IPO approval of hydropower has been stopped for 22 months. ”
According to him, the letter came from Sebon at a time when Ippan was about to write a letter about the middlemen asking for commission. In response to the letter, ippan has replied to the board that the matter of demanding commission is true. “The matter of asking for commission is true, we will not give evidence to the board, we may have reached the concerned body. ”
Securities Board Chairman Santosh Narayan Shrestha has been controversial since his appointment. After his appointment as chairman, it has been alleged that a mandatory commission is required for the approval of the IPO. In the recent past, Chairman Shrestha has demanded 7 percent commission for small hydro and 5 percent commission for big hydro by creating middlemen.
The commission has raided the board and taken documents related to the IPO. There has been intense pressure on Board Chairman Shrestha to resign after the CIAA raided him. But he wants the government to sack him as soon as possible, sources said.
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