Nearly Rs 290 million earned from former King Birendra’s property under republic

KATHMANDU: The government has generated nearly Rs 290 million in revenue this year from properties once owned by the late King Birendra and his family, according to the Office of the Auditor General.

The 62nd annual report states that the Nepal Trust earned Rs 288 million and 55 thousand this year through interest and lease income. Of this, Rs 148 million came from interest earnings, and Rs 140.15 million from lease payments by 10 institutions.

The Nepal Trust was established to manage and utilize in the national interest the properties belonging to King Birendra and Queen Aishwarya after their deaths. According to the Auditor General, the Trust spent Rs 69.5 million during the fiscal year.

Since its inception, the Trust has taken ownership of 21,633 ropani and 15 aana of land across 12 districts. It also holds deposits in various commercial banks, including GBP 54,289, USD 173,626, and over Rs 1.68 billion in Nepali currency.

Additionally, the Trust owns 1,299,735 shares in institutions including Nabil Bank, Hotel de l’Annapurna, and Rastriya Banijya Bank.

The Auditor General has recommended that land and buildings under the Nepal Trust be utilized in accordance with the provisions of the Nepal Trust Act.