Nepal parliament probe uncovers king's business interests

NEPAL: A parliamentary probe into King Gyanendra's assets has revealed that the monarch and his family hold shares in at least 17 major businesses across Nepal, including luxury hotels and a tobacco company, a member said Friday.

The committee began investigating the extent of Gyanendra's wealth last month after the government decided to impose tax on the monarch, who was stripped of most of his powers following weeks of pro-democracy protests in April that forced him to give up his authoritarian rule.

Prakash Jwala, chairman of the committee, told The Associated Press that beside owning several pieces of prime land, forest areas and farms, the king had shares in luxury hotels, a tobacco company, hydropower plants, travel agencies, food factories, textiles and tea estates.

"These shares amount to billions of rupees (millions of dollars, euros) but we are still calculating the exact amount," Jwala said.

Jwala said the committee has asked the government to freeze the sale of all assets owned by the king and his family so they can determine the amount of tax he owes.

Since Gyanendra was forced to relinquish the power that he seized last year, Parliament has stripped much of his authority and made it mandatory for him to pay taxes.

However, taxing him is a problem, because there are no records of how much he owns and where he has invested.

Gyanendra became king in 2001 after his elder brother Birendra was killed in a palace massacre.

Jwala said their probe has also found that Gyanendra had transferred the property of his slain brothers in the name of his wife Komal.

"The king should be dealt as any other citizen in the country and only allowed to own certain amount of land like everyone else. The rest should be nationalized," Jwala said.

Katmandu, Friday, AP