Nepal's royal family owns shares of 18 big companies

Nepal's royal family owns shares of 18 big companies
ANI, 28-Aug-28-2006

The Government of Nepal has revealed that King Gyanendra and his family members have shares in at least 18 big companies and luxurious hotels at various locations in the country.

According to a report prepared by the Parliament's Natural Resources Committee, the King has invested in the nation's big hotels, cigarette and biscuit factories, tea garden estates, travel companies and hydroelectric projects, since he was declared a crown prince.

The king, however, handed over the companies and hotels to other members of the royal family after he took direct power, the Kantipur daily reported.

The Soaltee Hotel in the capital, formerly owned by the king, is under 11 other members of his family. The hotel is worth Rs. 550 million at present.

Most of the shares of the more than 210 million-rupee-worth Soaltee Enterprises have been tendered to crown princes Prerana, King Gyanendra's daughter.

Besides, the King's investments include Annapurna Hotel, Gorkha Travels Pvt Ltd, Surya Tobacco Pvt Ltd, Laxmi Banaspati Ghee Industry, Himalaya Tea Garden and Hotel Shansha Himal International, Sipradi Trading, Bhotekoshi Power Company, Himal International Energy Pvt Ltd, Himal International Power Corporation, Surya Enterprises, Laxmi Katha Industry Pvt Ltd, Gorkha Lurry Pvt Ltd, Nebico Pvt Ltd, and Laxmi Rozin and Terpentine Industry.

The committee said that it needs more work to come up with a detailed report on the king's property and has sought the help of Nepal Rastra Bank in acquiring information about the monarch's holdings.

Meanwhile, the report said that no official record was found regarding the selling of the Narayanhity Royal Palace to the government in 2026 B.S. In response to this, the committee held discussions on summoning the then prime minister Kirti Nidhi Bista for interrogation. (ANI)