CIAA asks Sebon for documents related to issuance of primary shares via book building

KATHMANDU: The Commission for the Investigation of Abuse of Authority (CIAA) has asked the Securities Board of Nepal (Sebon) to provide necessary documents to investigate Sebon Chairman Bhisma Raj Dhungana’s alleged involvement in insider trading.

Dhungana has been accused of purchasing 11,992 units of general shares of Sarbottam Cement, a company that is in the process to issue primary shares to the public through the book building process. While the cement company is in process to receive approval from the regulator, Dhungana is suspected to have used his ‘influence’ to purchase the shares of the cement company in the name of his daughter.

According to a CIAA official, the anti-graft body has asked the board to provide all the documents related to issuing the primary shares through the book building process.