Kathmandu. It has been found that the Nepal Securities Board (SEBON) did not audit the last financial year.
In the 61st annual report released by the Office of the Auditor General on Sunday, it has been mentioned that the 2079/80 audit of Sebon is yet to be conducted towards the organized body.
Sebon is the regulatory body of the stock market. He has the authority to make listed companies and subordinate bodies responsible for financial governance.
However, the source said that Sebon did not conduct the audit as it was too sensitive. Last year, Ramesh Kumar Hamal was the president in Sebon. His term ended in the third week of last December.
Sebon sources claim that Hamal refused to be audited before he left Sebon after being in a bad mood.
Deputy Auditor General of the Office of the Auditor General Mr. Kumar Rai said that the matter of audit will depend on the board. This matter is up to the board. The board asked for consultation and we send an auditor,’ he said.
Sebon Executive Director Mukti Shrestha said the audit was not done because the preparations were not complete and the board was leaderless.
Hamal is the person who allowed IPO issue at premium price even to companies with poor financial condition.
IPOs were issued by companies that had no plan to make a profit and were in losses by submitting false financial statements that they had made a profit.
Last December, the Public Accounts Committee of the House of Representatives instructed the Money Laundering Investigation Department to investigate Hamal’s assets, saying that companies were allowed to issue IPOs at a premium price through financial manipulation and that companies were not transparently allowed to issue IPOs at a premium price.
