King's Ransom ; the Focus in Nepal Is On the Wealth the Royal Family Allegedly Amassed. A New Law Brings the King Into the Legal Ambit, but Unravelling the Complex Web of Holdings Will Not Be Easy.
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Summary
He is a king without a kingdom and the crown he wears has more thorns than jewels. The recent popular pro-democracy wave that swept across Nepal has stripped King Gyanendra of his royal powers. The monarch is now a ceremonial figure after the new seven-party alliance led by Prime Minister Girija Prasad Koirala brought a landmark Bill in Parliament on May 18 to relieve the King of his formal title of supreme commander-in-chief of the army. "We are committed to bringing transparency in governance and nobody is above the law," Deputy Prime Minister K.P. Sharma Oli told India Today.
One of the key decisions of the Government was to bring the royal family under the ambit of criminal cases, which was barred earlier. The Government's move to devalue the crown has also brought the royal family's fortunes under scrutiny. Analysts in Nepal believe that even though the country was nearly bankrupt, the royals, over the years, have added to their wealth and property across the country. Last week, Finance Minister Ram Sharan Mahat told Parliament that profligate and reckless spending by the royal regime had brought the country to the brink of an economic crisis.See the full content of this document
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King's Ransom ; the Focus in Nepal Is On the Wealth the Royal Family Allegedly Amassed. A New Law Brings the King Into the Legal Ambit, but Unravelling the Complex Web of Holdings Will Not Be Easy.
Unravelling the tangled web of the royal family's wealth will be a Herculean task given that many of these-companies, hotels, palaces and resorts-are not directly in the King's or his family's name. His net assets-c...
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