Finance Minister Alleges Market Manipulation and Misuse of Public Funds

Kathmandu. Finance Minister Dr. Swarnim Wagle has alleged that a limited group has amassed illicit wealth by manipulating the capital market, engaging in insider trading, and misusing public funds of 15-16 billion rupees.

Speaking at a Finance Committee meeting on Tuesday, he claimed that such groups have also attempted to influence political institutions, not just gain economic benefits.

Finance Minister Wagle stated that the harsh reality is that financial and economic institutions have become captive to certain individuals in recent years. He commented that some groups have created artificial market influence, even affecting political leadership. He clarified that the government aims to develop Nepal's capital market according to professional, transparent, and world-class standards.

Addressing the committee, Finance Minister Wagle said, 'We will implement the report submitted by a committee formed for the restructuring of the stock exchange. Yesterday, very liberal policies regarding the stock market and capital market were announced by the President, and we will further shape this in the budget. We will professionalize it and move forward by following the standards of a world-class capital market. However, we must also accept the reality that these institutions have been captured by a few individuals in recent years. It was a very harsh reality that some influential leaders were kept in their pockets, and not only the country's political institutions but also economic institutions were captured by manipulating the market, engaging in insider trading, and accumulating illicit wealth by misappropriating the public's 15-16 billion rupees. We must thank the Gen-Z movement. Had that intervention not happened, we were truly on the verge of falling into a deep pit, and now the country has moved in a new direction.'

He informed that the government is preparing to implement the report received for the restructuring of the stock exchange and make extensive reforms in the capital market. Stating that the government is moving forward with good governance at its center, the Finance Minister, quoting the Prime Minister, expressed the view that the first year will focus on building a strong foundation of good governance, after which development construction work will proceed automatically.

He mentioned that the Gen-Z movement saved the country from going in the wrong direction and that good governance is now being given great priority.