Home Minister Sudhan Gurung Defends Asset Disclosures Amid Controversy

Kathmandu. Home Minister Sudhan Gurung has claimed that he duly disclosed his holdings in Star Micro Insurance and Liberty Micro Life Insurance within his official asset declaration.

Facing controversy after being linked as a business partner to money laundering accused Deepak Bhatta, Gurung clarified that he has not concealed any shares or assets. He stated that all details are transparently listed in the asset declaration published on the Cabinet's website.

Refuting allegations of hiding shares, he explained that his investments in Star Micro Insurance and Liberty Micro were included under the category of 'securities traded in the stock market worth over 20 million rupees'.

He remarked, 'A person who openly declares assets worth over 20 million would not hide 2.5 million; this is not concealment, but merely a matter of classification.'

He noted that his asset declaration includes shares in Hope Holdings, Lagum Premium Apartments Pvt. Ltd., and Adventure Villa Pvt. Ltd., alongside 27.4 million rupees worth of shares categorized as securities traded in the stock market.

Star Micro Insurance and Liberty Micro Life Insurance are not companies listed on the stock market. Since these companies have not issued an IPO and are not listed on NEPSE, they cannot be traded in the secondary market. Furthermore, even if listed on NEPSE, promoter shares generally cannot be traded in the secondary market. Transactions for such companies are managed through a separate market known as Over the Counter (OTC).

He insisted that the shares were purchased before he became a minister and that investing in shares is not a crime. He claimed that all share purchase transactions were conducted through the banking system and that the investment was funded by loans.

Although Minister Gurung claimed to have taken loans to purchase the shares, the loan section in his asset declaration was found to be completely empty.