Fiscal Nepal
First Business News Portal in English from Nepal
Jagadambaa Holdings
KATHMANDU: Jagadamba Holdings, a key entity under the Shanker Group, has stated that it will fully comply with ongoing legal and regulatory investigations and take corrective actions if required, following the arrest of its chairman Sulav Agrawal in connection with a money laundering probe.
In an official statement issued after the development, the company emphasized its commitment to respecting the rule of law and cooperating with authorities. The investigation, linked to alleged violations under Asset Laundering Prevention Act, is currently under review by relevant regulatory and investigative bodies.
Jagadamba Holdings clarified that the financial transactions and related matters reported in various media outlets remain under consideration by competent authorities, and no final conclusion has yet been reached. The company urged stakeholders and the public to avoid drawing premature conclusions based on unverified information.
“As a responsible institution with strong faith in the rule of law, we reaffirm our commitment to fully respect all ongoing legal and regulatory processes and to provide complete cooperation by furnishing all required documents, data, and information to the concerned authorities,” the statement noted.
The company further stressed that the determination of facts lies within judicial and legal processes, adding that it will accept any outcome delivered through due process. “Should any shortcomings or errors be identified under prevailing laws, we are committed to undertaking necessary corrective measures and assuming responsibility in accordance with legal provisions,” the statement added.
Highlighting its longstanding contribution to Nepal’s economy, Jagadamba Holdings stated that its portfolio companies have played a significant role in industrial investment, job creation, infrastructure development, and national tax revenue generation over the decades.
Amid growing concerns, the company said it is actively coordinating with banks, regulators, and relevant government agencies to ensure business continuity and safeguard stakeholder interests, including investors, employees, and customers.
Reaffirming its corporate values, Jagadamba Holdings underscored its commitment to governance, transparency, and ethical business conduct. It also indicated plans to further strengthen internal control systems and compliance mechanisms across all group entities if necessary.
“We are fully sensitive to the concerns arising from the current situation and express our sincere gratitude to our partners, investors, employees, customers, and well-wishers for their continued trust and patience during this challenging period,” the company stated.
The case is expected to remain under close scrutiny as authorities continue investigations, with potential implications for corporate governance standards and regulatory enforcement in Nepal’s business sector.
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