
Kathmandu, shrawan 1- As the consequence of the news published by Centre for Investigative Journalism
(CIJ) Nepal titled ’55 Nepalese invested in offshore companies,’ some businessmenen are
facing serious problems. Some of them have experienced problems even with their businesses
abroad. They have complained that such news stories could discourage foreign investment in
Nepal as well.
CIJ had published the story in January this year based on a global investigation carried out by
the International Consortium of Investigative Journalists (ICIJ).
Niraj Govinda Shrestha, a Non-Resident Nepali businessman, has businesses over various
countries across the globe. As one of the businessmen named in the story published by the CIJ,
he submitted a formal petition at the Nepal Press Council saying that the said story was
baseless and resulted into severe personal, social and business loss to him.
According to Shrestha, because of the media reports, his daughter and son-in-law, who run
their own business in the UK, had to face financial losses due to unfounded allegations against
him. He said that CIJ never contacted him before the news was published.
Response of the CIJ and Nepal Press Council
As instructed by the Nepal Press Council, CIJ has now published Shrestha’s comments along with
the news in their website.
Kishore Shrestha, acting Chairperson of Nepal Press Council, said that the Council has
reminded the CIJ to ensure basic principles of journalism by giving an opportunity to the
people mentioned in the news to provide their side of the story. "In his petition, Niraj Govinda
Shrestha had raised the issue of code of ethics of media and we have asked the CIJ to publish
the petition filed by him.”
In their website, the CIJ has written that Shrestha has denied any involvement in the money
laundering activities. The CIJ has quoted him as saying that sources of all his investment in
Nepal were legitimate. “We never wrote that Niraj Govinda Shrestha has not disclosed sources
of his investment in Nepal,” CIJ said.
What the govt agencies say?
Nepal Rastra Bank (NRB), Department of Money Laundering Investigation (DMLI) and Central
Investigation Bureau of Nepal Police (CIB), all three agencies have given clean chit to Dr
Shrestha. They have said that there is no complaint registered against Niraj Govinda Shrestha
in connection with money laundering charges. Jiban Prakash Sitaula, Director General of the
DMLI, said, “There was no case against Mr. Niraj Govinda Shrestha in the past as well.” CIB has
also said the same. Chintamani Shivakoti, Deputy Governor of the NRB, said, “We have not
received any complaint against Mr. Niraj Govinda Shrestha and there is no pending
investigation against him.”
Problems in investing in Nepal
The government of Nepal organised the Nepal Investment Summit in March this year with a
view to attract foreign investment. Businessmen have, however, complained that false reports
regarding investment by NRNs and other investors could jeopardise the prospect of attracting
foreign investment into the country.
“Foreign investors today have a number of options before them and countries are competing among
themselves to attract foreign investors. So, media has to be responsible not to publish any
unsubstantiated news reports that could discourage or even harass prospective foreign investors,”
said Dr Shrestha adding, “I would like to request friends in media to contact me before publishing
any reports related to my businesses.”