Finance Ministry’s directive to immediately investigate Sarbottam Cement’s book building whereas SEBON seems Delaying

Kathmandu : The Ministry of Finance has given a direct instruction to the Securities Board of Nepal (SEBON) to immediately investigate the IPO scam being issued in Book Building of Sarbottam Cement. Beemapost has been continuously publishing news regarding book building IPO issue that the company is deceiving both the government and investors by determining the book value based on the profit obtained after tax exemption including 50 percent of income tax exemption again.

After the Ministry of Finance itself gave a written instruction, it is now certain that the Book Building IPO of Sarbottam Cement will be investigated. Earlier, the local residents of Ribdikot Palpa had filed a complaint with the demand to immediately investigate and stop the calculation of tax exemptions and profits in the IPO of Sarbottam Cement. While there is no hearing on the complaint.

But now, on 1st of February, 2024 A.D, the Ministry of Finance gave another written instruction and asked to investigate.

The letter sent by the Ministry of Finance reached the Securities Board of Nepal. SEBON has confirmed that the investigation process has been initiated as per the instructions of the Ministry of Finance.

On the same day as the Ministry of Finance instructed to investigate, the expensive book building IPO Global IME Capital of Sarbottam Cement has distributed the allotted quota for Nepalese living in abroad.

The book building IPO of the Sarbottam Cement has become a game of conflicting interests of the sales manager as they all are corrupted. In the shares of companies it is seen that even the Global IME capital which works as the share sales managing company, has also bought the shares.

On the other hand, the SEBON is delaying the investigation of the Book Building IPO of Sarbottam Cement, which was issued illegally and by deceiving the government and investors. The local residents have registered a petition a week ago, but the related authority is delaying. SEBON will now be forced to investigate after the Ministry of Finance instructed to conduct further investigation.