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Axiata Settles Capital Gain Tax Payment With Nepal Government

April 13, 2020, 9:13 AM

Axiata Group Bhd has settled a $185 million demanded by Nepal and 990.3 million Nepalese rupees in interest in relation to outstanding capital gains tax arising from its acquisition of the Ncell, it says in exchange filing.

  • Axiata made the payment “under protest, and expressly without prejudice” to the position of unit Axiata Investments (UK) Ltd and Ncell in international arbitration proceedings
  • Axiata Investments UK and Ncell will seek remedies including restitution of sums already paid, a permanent injunction against further attempts to collect capital gains tax from Ncell in connection with the transaction, and damages for all losses...

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