SEBON vs Sagoon

5th August 2020, Kathmandu

US-based Sagoon Inc. has clarified that it has not issued any securities targeted for Nepalese living in Nepal.

Previously, the Securities Board of Nepal (SEBON) had claimed that the company’s IPO collection in Nepal is illegal.

Read more of that here:

In reaction, Sagoon has said that the information issued by the board is misleading.

The company claims that Sagoon is legally registered in the US state of Delaware. Moreover, it has obtained permission from the US Securities and Exchange Commission to trade in shares.

As per the company, non-resident Nepalese can invest in shares up to 10% of their annual income. In response to the notice by SEBON, the company has also claimed that the board has demotivated potential investors.

Furthermore, the company has not advertised for the issuance of securities targeting Nepalese living in Nepal so far.

Sagoon has claimed that the board neither bothered to ask any questions nor gave them a chance to clarify before publishing the information. Due to this, the company feels that the information has tarnished its reputation.

The company has, therefore, written to the board asking to correct the information.


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