Axiata, Ncell claims against Nepal govt dismissed by tribunal

KUALA LUMPUR: Axiata Group Bhd said its claims by its wholly-owned subsidiary Axiata Investments UK Ltd and 80%-owned Ncell Axiata Ltd against the government of Nepal over taxes imposed on the latter has been dismissed by the Bilateral Investment Treaty arbitration tribunal at the International Centre for Settlement of Investment Disputes.

In a statement, the telco said in view of the unfavourable outcome of the case, it will adjust its statement of comprehensive income by about RM376.6mil arising from the write-off of related receivable assets.