A high-level government investigation panel led by former Auditor General Tanka Mani Sharma Dangal has concluded that the controversial Ncell share sale agreement should be rejected because of unauthorized transactions, lack of financial transparency and regulatory violations. The panel found that Malaysia’s Axiata Group Berhad and Spectrlite UK carried out the deal without the required regulatory approval and that Spectrlite UK had not demonstrated adequate technical or financial capacity. The report recommended that anti-corruption and tax authorities investigate possible past revenue leakages, non-bank offshore settlements and concealed foreign control over Ncell’s mandatory 20 percent domestic ownership. It also called for measures to protect state ownership interests before future license renewals.
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