The Hyatt Regency Hotel in Kathmandu, Nepal, is an urban five-star resort located near the Boudhanath stupa.
Parliamentary committees began investigating possible financial irregularities by the private partners, including the possibility that Taragaon Regency Hotels deliberately showed losses in order to illegally gain ownership stake on the hotel by decreasing the share prices and buying them back cheaply, while deterring investment from others.
The public interest was represented by Tourism Ministry's Taragaon Development Committee; the private partners were Radheshyam Sharaf and Ramlal Shrestha families.
[6] According to a 2017 report by Nagarik Daily, the original private partners, the Sharaf and Shrestha families, with the collusion of government officials, showed losses for the hotel for years, decreasing the price of the shares and buying them back to increase their ownership, while officials persuaded governments to not invest in it.
[1] In November 2018, speaking to a parliamentary committee, the chief of Taragaon Development Committee and public representative to the Board of Directors who had been boycotting board meetings, said that the public land the hotel was built on was in the process of being converted into shares and privatised at extremely cheap rates.
[14] The Office of the Auditor General published a report concluding that financial irregularities had been committed in value re-assessment of the land.
[15] In April 2019, a subcommittee of the parliamentary International Relations Committee, finding irregularities in share and land ownership transfers that resulted in reduction of public ownership to 9%, directed the government to take immediate steps to regain the land leased to Taragaon Regency Hotels.
[10] According to Nayapatrika, as of June 2020, Taragaon Development Committee has sent a formal letter to the Tourism Ministry, to begin the process of reclaiming Hyatt's land into public ownership.