KATHMANDU: At a time when Nepal’s laws restrict its citizens from investing abroad, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and IME Group Chandra Prasad Dhakal appears to have managed business ventures in both Nepal and the United Kingdom.
It has come to light that Dhakal established companies both in Nepal and the United Kingdom and conducted business simultaneously.
Nepal’s law restricts citizens from investing abroad. However, despite this legal provision, Chairman Dhakal is found to have operated businesses in both Nepal and the UK over an extended period.
Dhakal has been conducting multi-billion-rupee annual business in Nepal through IME Remit since 2001. Evidence shows that he also established a consulting company in the UK in 2002, which continued operations for eight years and generated transactions worth crores of rupees.
Khabarhub had previously reported on the company registered by Dhakal in the UK in 2002. According to the UK government’s official business registry, Dhakal operated the company for eight years before leaving the country. During that period, the company is reported to have engaged in significant commercial activities.
Six years of business worth crores
Dhakal registered Sunbird Computer Consultant Company in July 2002. However, shortly thereafter, on August 21, he renamed it International Money Express (IME) Limited and began trading under the new name.
According to available records, the company did not generate revenue for several years, though it incurred regular expenses—an inconsistency that raises questions about its operations.
At the time of registration on July 16, 2002, the company’s share capital was listed as £1,000, divided into 1,000 shares at £1 each. After the name change, on June 25, 2003, the company updated its records, declaring an authorized capital of £1,000 but showing only £1 as issued capital.
By this time, Dhakal had already significantly expanded IME Remit’s business in Nepal.
UK government records show that in April 2004, Dhakal filed the company’s first audited financial statement. It reported a total turnover of £28,088, including expenses for salaries, rent, insurance, and advertising. However, the company still posted a loss that year.
In 2005, the company reported a turnover of £63,436, with an operating profit of £9,758. By 2006, the company’s cash and bank balance had reached £16,217, although its net current liabilities stood at £1,988.
Similarly, in 2007, cash and bank deposits rose to £18,858, while net current liabilities were reported at £842.
Despite being established in 2002, Dhakal did not appoint any shareholders or assign managerial responsibilities to others until 2008. That year, he appointed Anil Kumar Lamichhane, a Nepali-born individual, as company secretary and relocated the office from Castlewood House to Oxford Street, London.
However, the company’s performance declined in 2008, showing only £2,956 in the profit and loss account.
Change in ownership after 2009
After IME’s success in Nepal, Dhakal established IME Financial Institution in 2004, stating it was necessary to support IME’s remittance operations.
The IME Group’s website notes that IME Remit expanded to the UK in 2003. Over time, Dhakal brought his brother Hemraj Dhakal and partner Kamal Paudel into International Money Express (IME) Limited as shareholders.
On March 30, 2009, Dhakal appointed Kamal Poudel as company secretary and director, replacing Anil Kumar Lamichhane. Records show that on the same date, Hemraj Dhakal was also appointed as a company director.
Following these appointments, the company’s ordinary share capital increased from £1,000 to £100,000. Of this, 24,000 shares were allotted to Poudel, 75,000 shares to his brother, and 999 shares to Chandra Dhakal.
The 2009 audit report showed current assets of £46,993 and liabilities due within a year of £32,678, indicating continued operations at a substantial scale.
Exited after 10 years
After operating the company in the United Kingdom for a decade, Chandra Prasad Dhakal resigned from his position as director on August 6, 2010. By that time, he had already established several major business ventures in Nepal, including IME Remit, Global IME Bank, IME Automotives, Chandragiri Hills, Hathaway Investment, and DishHome.
These ventures helped cement his reputation as a leading figure in Nepal’s business community. Around the same period, Dhakal was also seeking leadership of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) — the country’s umbrella organization of industrialists and entrepreneurs. This may explain his decision to formally exit International Money Express (IME) Limited in the UK.
Following his resignation, the company’s share capital was held 50/50 between his brother Hemraj Dhakal and partner Kamal Poudel. The audit report for that year showed that the company’s current assets had reached £144,994.
By 2012, the audit revealed fixed capital worth £28,075, with net assets and liabilities amounting to £143,334.
After Dhakal’s departure, on June 21, 2013, the company increased its share capital to £500,000, allocating 375,000 shares to Hemraj and 125,000 shares to Kamal Paudel. Just a month later, the share capital was further increased to £1 million, of which Hemraj held 825,000 shares and Kamal held 175,000 shares, according to official documents.
Subsequently, on November 14, 2013, International Money Express (IME) Limited, jointly owned by the Dhakal brothers and Poudel, was renamed IME (UK) Limited.
At that time, Hemraj Dhakal’s nationality was listed as Nepali, while Kamal Poudel had acquired British citizenship.
By 2014, the company’s net book value stood at £110,463, and in 2015 it decreased to £76,829. On July 7, 2015, both Hemraj Dhakal and Kamal Poudel resigned from their positions, and company records show that all shares were subsequently sold to Ria Financial Services Limited.
Hemraj’s response on the UK investment
When Khabarhub attempted to contact Chandra Prasad Dhakal for comment regarding his UK-based company, his mobile phone was found to be switched off.
However, questions were put to his brother Hemraj Dhakal, the current co-founder of IME Group, who responded by confirming that the company had been established with Chandra Dhakal’s consent. He stated that he later took over operations after moving abroad.
“Initially, I opened it with my brother’s approval. But when I started living abroad, my brother left,” Hemraj said, adding that he has been conducting business in various countries as a Non-Resident Nepali (NRN) for many years.
Earlier, Chandra Dhakal had registered a company in the UK under the name Sunbird Computer Consultants. When Khabarhub sought clarification from Nepal Rastra Bank spokesperson Guru Prasad Poudel on whether Nepali citizens can obtain approval to invest abroad, he stated that the Rastra Bank does not issue such permission.
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