Following the arrest of the former president of the Federation of Nepalese Chambers of Commerce and Industry, the private sector has drawn the government's attention, saying that the arrest will affect millions of jobs and the supply chain.
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At a time when stability is expected to be restored in the country and an investment environment is expected after the formation of the new government, the private sector has been discouraged by the ongoing arrests and detentions of entrepreneurs.
The private sector, which contributes 81 percent to the economy and 86 percent to employment, is in a state of panic, which will seriously affect the economy, employment, revenue and infrastructure construction, according to a joint statement issued by all three umbrella organizations of the private sector.
Businessman and former president of the Federation of Nepalese Chambers of Commerce and Industry Shekhar Golchha was arrested on Thursday for securities and insurance-related offenses. While the Money Laundering Investigation Department is continuing the investigation, the police have also initiated an investigation against Golchha for securities and insurance-related offenses.
After the arrest of the former president, the Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries and Nepal Chamber of Commerce issued a joint statement on Friday, drawing the serious attention of the government.
In the context of industrialists being arrested solely on the basis of reports from regulatory bodies, the government has been urged to adopt a 'hear first and detain only after the crime is proven' approach and behavior regarding economic crimes.
'The fact that the entrepreneurs were arrested on charges of economic crimes, despite informing them that they were fully prepared to assist in the investigation and would appear when called by the police, has made the entire private sector worried and sad,' the statement said. 'We once again draw attention to the fact that when entrepreneurs are arrested in this way, not only millions of jobs, supply chains, the banking sector and the entire system will be seriously affected, and the economy will be in serious crisis.'
The government has also realized the contribution of the private sector and has now started involving the private sector in policy and lawmaking, and has taken it positively, the statement said.
The ongoing arrests at a time when the Council of Ministers has already passed a strategy to protect and promote the private sector have made the private sector more anxious.
‘The private sector does not disagree that if a crime is proven, the guilty person should be held accountable,’ the statement said. ‘Reminding the right to live with dignity as given by the Constitution of Nepal, and the provision that a crime is not considered guilty until proven, the entire private sector urges the government to take this seriously.’
The economy, which has been stagnating for about four years, is expected to become dynamic after the strong government’s policies and business-friendly behavior after the new election. However, the statement mentioned that the private sector wants such activities not to distract from the issue of increasing investment and making investors feel safe during the current strong and stable government.
The private sector has also urged all concerned parties to clearly understand and reflect on the fact that the country can only be made prosperous through private sector investment and the enthusiasm of entrepreneurs.
