Kathmandu- Nepal Police are currently investigating the issue of Nepal Investment Mega Bank auctioning Smart Telecom’s assets to recover its loan.

In this context, Ncell, which had won the auction tender, had earlier announced that it was backing out of the deal.

Although Ncell won the auction and made the payment, ownership of the assets had not been transferred. After the transfer process stalled, Ncell approached the Nepal Telecommunications Authority.

Ncell had made this request to the Authority as early as mid-April. However, the Authority responded that there was no legal basis for integrating or adjusting such equipment.

After the Authority refused to grant permission, Ncell also sent a letter to the bank. Citing legal complications and the failure to transfer ownership even after payment had been made, Ncell demanded either a lawful transfer of ownership or the return of the Rs 4.60 billion it had paid.

Despite the completion of the auction and payment by Ncell, the equipment and network have still not been transferred under Ncell’s name.