Axiata: No Directive From Nepalese Authorities To Bar Repatriation Of Dividends

KUALA LUMPUR, July 12 (Bernama) -- Axiata Group Bhd has clarified it has not received any official communication or direction from Nepal’s Central Bank or relevant Nepalese authorities to bar the telecommunications company from repatriating dividends. Axiata said this in a statement in response to The Edge Online article on July 11, 'Nepal’s Central Bank Bars Axiata From Repatriating Dividends'. “The Nepal’s Large Taxpayers Office (LTPO), in its confirmation letter to Ncell Private Ltd, conclusively certified and acknowledged that Ncell was fully cleared of capital gains tax payment with the further advance deposit of approximately 13.6 billion Nepalese Rupee paid to the LTPO as directed by the agency,” it said. Axiata said this was made in a filing to Bursa Malaysia Securities Bhd on June 5, 2017. “We are confident the Nepalese government will not discriminate and contradict the aegis of the Bilateral Investment Treaty by blocking us from repatriating its dividends rightfully due to the Group as foreign investor in the country,” said Axiata. To recap, Axiata acquired Ncell’s stake last year from Swedish company Telia Company AB. -- BERNAMA