Home Minister Sudan Gurung Linked to Shares in Star Micro Insurance Amid Black Money Allegations
KATHMANDU — Fresh controversy has emerged in Nepal’s insurance sector after reports revealed that Home Minister Sudan Gurung holds shares in Star Micro Insurance Company, a firm allegedly established through irregular licensing practices.
The issue traces back to the tenure of former Nepal Insurance Authority Chairman Surya Prasad Silwal, who is accused of distributing micro-insurance licenses through backdoor arrangements. A significant number of those licenses were reportedly secured by businessman Dipak Bhatt.
According to details published by Janastha, Gurung owns 25,000 shares in Star Micro Insurance, valued at approximately NPR 2.5 million. His name reportedly appears as the 49th founding shareholder of the company.
The company itself has come under scrutiny for allegedly obtaining its license by paying a premium of NPR 300 per share through connections with Silwal. Further allegations suggest that former Finance Ministers Bishnu Paudel and Janardan Sharma approved such licenses under bribery arrangements. Sharma, in particular, is accused of facilitating these deals during the 2022 general elections as part of election financing.
There is also widespread suspicion that a substantial portion of the investment in Star Micro Insurance originates from undeclared or illicit funds. Gurung himself is alleged to have invested black money in the company and has reportedly failed to disclose these holdings in his official asset declaration.
The controversy has raised serious political concerns, with questions emerging about Gurung’s position and the potential fallout from the scandal.
Attempts to seek clarification have so far been unsuccessful. CEO Bishwaram Timila is currently unreachable, while company spokesperson Dipendra Raj Gautam has declined to comment.
