The Abuse of Authority Investigation Commission has taken a statement from the Independent Power Producers Association (IPPAN) Nepal's Chairman Ganesh Karki regarding the fact that the Securities Board of Nepal (Sebon) sought commission from hydropower promoters through an intermediary in the initial share issue (IPO).

The Commission on Wednesday raided Sebon and seized the files of the companies in the process of issuing IPO after the hydropower promoters alleged that they were asking for commission in the IPO. Sources said that a statement was taken with Ippan president Karki and vice president Uttam Vlon Lama and other officials on Thursday. 

Ippan President Karki and Vice President Lama reached the commission office at 1 pm. It is said that the commission wants to get detailed information about the commission on IPO from them. IPPAN Chairman Karki said that after the commission called to understand more about the IPO commission rather than the statement, they went for a discussion. I just had a normal conversation. Since Ippan's vice president Lama is more knowledgeable about this matter, many things happened with him," he said. "It seems that the commission wants to be more clear about the latest developments."  Ippan Vice President Lama also admitted that they went to discuss the

commission. Citing Sebon, he asked whether the delay in the IPO permission was due to the fact that the companies did not provide documents and the necessary criteria were not met, he said. If permission is not received for more than one year, DDA should be done again, underwriter should be appointed and many other things have to be done. Since Sebon did not decide to give permission, these works were not even done in the beginning. The source said that the Commission also took statements from some other hydropower promoters. 

Securities Board chairman Santosh Narayan Shrestha was also discussed by the commission, but spokesman Niranjay Ghimire denied it. "On Thursday, the president did not go anywhere for a statement. He was in the office all day. And in the evening, he left the office after holding a meeting of the board of directors," he said. On Wednesday, a team of the Commission reached Sebon's office at Khumaltar in Lalitpur and seized some documents.

After 22 months, the IPO permission of around 89 companies has been blocked by the board, and the hydropower promoters demanded an investigation by holding a formal program on Tuesday, saying that the board had mobilized middlemen to collect up to 7 percent commission. The Commission has started an inquiry and investigation process on that matter. Written and verbal complaints were received regarding the functioning of the Securities Board, and after receiving more information in the last few days, the commission source said that the investigation was started. 

As of Wednesday, 89 companies have applied for IPO permits worth 56 billion 793 million 27 thousand 132 rupees. The largest number of them are 43 companies belonging to the hydropower group. 24 billion 84 crore rupees to be raised from the general public through IPO and rights shares by the electricity company has been stopped due to lack of permission from the board. IPPAN said that it had to pay an additional interest of Rs 4.96 billion due to not getting the IPO permission.

In the past 22 months, the IPO permit of around 89 companies has been blocked by the board, and the hydropower promoters said that they would counter by holding a formal program on Tuesday, saying that the board had mobilized middlemen to collect up to 7 percent commission.  In the