Kathmandu, June 11 (PTI): Nepal’s deposed monarch Gyanendra may have been dethroned and forced out of the royal palace, but he might not feel the pinch while living as a commoner in a forest bungalow near here.

Gyanendra, the world’s last Hindu king, is said to have considerable business interests in various ventures in the country and abroad — ranging from hotels to tobacco firms and tea plantations.

Gyanendra has a large stake in the Soaltee Group, the third-largest business group in Nepal with estimated net assets of $100 million, and in two Indo-Nepal joint venture firms, reports said.

It is believed that his shares in these firms are worth $15-$20 million.

Reports also talk about his oil interests in Nigeria, stakes in tea estates and golf courses and cash in foreign banks.

Many of these businesses and properties are said to be in the names of his relatives and aides, making it impossible to evaluate his actual worth.

However, at his emotion-charged farewell speech today, Gyanendra denied reports of stashing money abroad.

“There was also an accusation that I have lots of property and money abroad. All my properties are in Nepal.... In the last seven years I have not gathered any money or property,” he said.

The former king also said he had already handed over his crown and sceptre to the government.

Gyanendra, the last monarch in a dynasty that began with the founder of modern Nepal, Prithvi Narayan Shah, in the 18th century, is moving to the Nagarjun forest palace on the outskirts of Kathmandu after handing over the crown and other valuables to the government today.

The government has said it will not provide any allowance to the former monarch.