Kathmandu: Nepal Life Insurance Company Limited has categorically denied recent reports alleging misuse of its funds by businessman Dipak Bhatta for the purchase of shares in Nepal Reinsurance Company Limited.

In a statement issued on Thursday, the company clarified that claims suggesting Bhatta who is a major shareholder of Himalayan Reinsurance Company Limited used funds from Nepal Life’s subsidiary through Broker No. 55 are false and misleading.

According to the company, neither Dipak Bhatta nor Broker No. 55 was involved in any such transaction. It further stated that no financial dealings related to the alleged share purchase had taken place through its subsidiary or any affiliated entity.

The clarification comes amid heightened scrutiny of Bhatta’s financial activities, as authorities are currently investigating him in connection with alleged money laundering and other financial irregularities.

Reaffirming its position, Nepal Life Insurance emphasized that it operates in full compliance with prevailing laws, regulatory standards, and corporate governance principles. The company also assured stakeholders that its business practices remain transparent and lawful.

The controversy had emerged following reports claiming that funds were misused to purchase shares of Nepal Reinsurance through indirect channels. However, Nepal Life has urged stakeholders and the public not to rely on unverified information and reiterated that it has no involvement in the alleged transactions.