EXCLUSIVE: Cricket Nepal's Dubious $185,000 Deal: Officials Route NPL Funds Through Dubai Despite Local Registration

KATHMANDU : In a suspicious web of money transactions over $185,000 payment relating to the Nepal Premier League, the Cricket Association of Nepal (CAN) has been found to have made questionable transactions with Twenty First Century Media Sports.

A Ukeraa investigation has found that though TCM was locally registered in Nepal, the CAN officials routed the transactions from Dubai, thereby bypassing legal requirements and regulatory oversight.

The investigation reveals that the NPL organizing committee, led by CAN Secretary Paras Khadka, had hired TCM as the event strategy and marketing consultant without taking prior mandatory government approvals and following due tender processes. Previously, TCM was implicated in the 2016 Panama Papers.

Documents obtained by Ukeraa reveal that TCM's Dubai office issued an invoice to CAN for $92,500 as half of the agreed payment of $185,000 as the cost for the production of NPL 2024. However, officials at Nepal Rastra Bank confirm that CAN never sought the required approval for these foreign currency transactions, raising questions about the legality of any payments made.

"We haven't received any letter from CAN about sending money to TCM," says Revati Prasad Nepal, head of the Foreign Exchange Department at Nepal Rastra Bank. "While we approved letters from clubs for foreign players, there's no record of CAN's payment to TCM."

Conflicting Accounts from Officials

leadership of CAN has given contradictory explanations about their relationship with TCM:

- The president, Chatur Bahadur Chand, says an arrangement between CAN and TCM was for a payment of

- Treasurer Padam Khadka says CAN "doesn't even know TCM"

- Secretary Paras Khadka has declined to answer questions

- Spokesperson Chumbi Lama says the issue is "confidential"

Panama Papers Connection

Adding to the controversy is the troubled history of TCM. Its founder, Lokesh Sharma, was listed in the Panama Papers as operating several companies in the British Virgin Islands, considered one of the most notorious tax havens. As the sole shareholder, Sharma registered Margarita Services Limited and Mardi Gras Holdings Limited, while TCM's subsidiary, Peppermint Management Corp Limited, was also registered there.

Questionable Selection Process

CAN had floated an open tender for consultancy services on September 10, 2024, documents reveal that TCM was directly appointed without going through the due process of competitive bidding. This was announced on September 30, 2024 via CAN's Facebook page, but the official press release was removed from their website.

Bypassed Local Registration

Even though TCM has established a local entity-TCM Sports Marketing Pvt Ltd-in Nepal with 100% foreign investment, financial transactions were routed via its Dubai office. The Nepaldregistered company lists Satya Sai Prakash Sunku and Umesh Lakhmani as the chairman and director, both of whom are Indian nationals.

Ignored Legal Provision

investigation unveiled various violations committed in Nepal laws to wit:

1. Without approval from the Youth and Sports Ministry for foreign collaboration

2. The foreign currency transaction without taking prior approval from Nepal Rastra Bank

3. Non-compliance with public procurement procedures

4. Failure to liaise with the locally registered TCM entity

According to sources, the first installment of $ 92 500 has already been paid though the documents regarding such payment are not available. It would be a clear violation of the Foreign Exchange Regulation Act 2019 if such a payment is made without the approval of the central bank.

The National Sports Development Act 2077 states that a contract between national sports associations and a foreign agency has to be approved from the government through the National Sports Council. Neither the Sports Council Member Secretary Tank Lal Ghising nor Youth and Sports Minister Tejulal Chaudhary report having received such a request from CAN.

As questions mount about these financial arrangements, officials at CAN have continued to duck scrutiny, either issuing contradictory statements or refusing to comment at all. An investigation into the allegedly illegal financial transactions continues.

माघ १४, २०८१ सोमबार १७:२९:४० मा प्रकाशित

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