Wealth, Influence, and Allegations: When Will There Be an Investigation into Neco Insurance CEO Ashok Khadka?

Kathmandu — It has come to light that Ashok Kumar Khadka, the CEO of Neco Insurance Company, in which the Government of Nepal holds more than a 21 percent indirect stake, has accumulated enormous wealth worth millions of rupees.

Khadka, who became CEO of Neco Insurance around seven years ago, owns a house and land in Kalikasthan valued at approximately NPR 90 million. He also owns additional property in Sinamangal, Kathmandu. In Bhairahawa, Rupandehi, five bighas of land have been purchased under the name of Shree Hospitality Company, which is registered in the name of his wife, Suchitra Sijapati. Similarly, there is widespread discussion within the insurance sector that Khadka acquired seven annas of land in Chhetrapati, Kathmandu, through alleged irregularities within Neco Insurance itself.

Khadka has purchased shares worth NPR 50 million in Samriddhi Finance in his wife’s name. He has also made investments in various other companies, including hydropower firms.

It is alleged that Khadka amassed this vast wealth while serving as CEO of Neco Insurance by cultivating close ties with businessman Dr. Birendra Mahato. After accumulating such wealth, he reportedly sought protection by aligning himself with the CPN-UML and even prepared to contest elections.

Following the party’s 10th General Convention, Khadka served as a member of the Central Accounts Committee of the CPN-UML. There are also claims that he misused Neco Insurance’s resources for party-related activities.

There is widespread discussion of major corruption within Neco Insurance Company, which has more than a 21 percent shareholding from institutions such as Agricultural Development Bank and Nepal Bank, both linked to government investment. Reports that he recently built a lavish new house have further intensified concerns, with some suggesting it openly defies Nepal’s asset laundering laws.

Despite these allegations, no concrete investigation has yet been initiated against Khadka. Although the Ministry of Home Affairs is said to be aware of the situation, no formal inquiry has moved forward.