Attacks on businesses cripple economy, jobs at risk

Kathmandu, Sept. 11

Thirty-four individuals, mainly youth, were killed in the two-day demonstrations against corruption, nepotism and recent social media ban called by the GenZ Alliance.

And, country's economy received a major blow that might take years to recover.

Twenty-one of the 28 outlets of the Bhat Bhateni Super Market were damaged during the second day of demonstrations.

Twelve super stores of Bhat Bhateni were torched and nine were vandalised and looted in the second day of the demonstration. All the goods and cash stored at the 12 stores have been turned into ashes while the buildings have also been severely damaged with less possibility to reuse the facility, according to the company. Bhat Bhateni's stores in the Kathmandu Valley, Dharan, Biratnagar, Birtamod and Damak were torched to ashes.

Bhat Bhateni's annual transaction last year was around Rs. 35 billion. The irreparable damage inflicted on the company has impacted more than 22,000 jobs across the country.

Property of international hotel chain Hilton in Kathmandu was torched and vandalised. Automobile showrooms in Thapathali, one of the auto-hubs in the Valley, were vandalised and torched where CG Motors, Sipradi Trading, Laxmi Intercontinental and other companies' outlets were attacked and damaged.

Houses of businessman and lawmaker Binod Chaudhary, founding president of the Non-Resident Nepali Association Dr. Upendra Mahato, chairman of BLC Global Holdings that operates Norvic Hospital, Basanta Chaudhary, and chairman of Golchha Organisation and former President of the Federation of Nepalese Chambers of Commerce and Industry Shekhar Golchha were vandalised. Residence of central bank Governor Dr. Bishwo Poudel and many other high-profiles were also not spared.

Likewise, facilities at Chandragiri and Maulakali Cable Car and head office of Ncell were vandalised while corporate office of Simrik Air and Annapurna Post daily was torched. Chandragiri Hills is a public limited company. As the demostrators set fire to the office of Kantipur Publication at Central Business Park in Thapathali data centre of Vianet Communications Limited was damaged. Office of Kantipur was completely damaged while the data centre is damaged as a result the company has been unable to provide internet facility to its customers.

Since Vianet was also supplying bandwidth to other Internet Service Providers, internet has been slow across the country since then. Meanwhile, the company indicated towards the possibility of resuming its services by Thursday night after completing the maintenance.

A few branches of commercial banks were vandalised and cash was looted.

 

Call for investment protection

Business community is under a threat and they hesitate to speak up with the media while many are in 'wait and see' situation.

"This is terrible. Let alone the property, many of my fellow businesspeople were worried to death about the safety of their family and kins," one leader from private sector business association told The Rising Nepal.

The National Business Initiative (NBI) has strongly condemned the vandalism and arson that occurred against important physical structures and private sector properties during the protests.

In a statement published on Thursday, NBI said such activities are certain to have a profound impact on the nation's economy, and it could take a long time to return to a normal state.

Expressing condolences to the families of those who lost their lives during the protests, wishing a speedy recovery for the injured, it said, "We urge the relevant authorities to ensure fair compensation for the loss of life and property in the private sector."

According to NBI, for decades, the private sector has borne the brunt of protest movements, and this trend appears to be discouraging to the private sector. If the private sector does not feel secure, there will undoubtedly be a decline in productivity and employment, leading to long-term negative consequences for the economy.

Business associations including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chamber of Commerce, Confederation of Nepalese Industries, and Federation of Contractors Association of Nepal have urged to maintain environment for doing business and investment.

Nepal Chamber of Industries and Commerce, Kathmandu (NCICK) demanded sensitivity to the guarantee of the right to independent profession and enterprise, a corruption-free system, as well as the promotion and protection of investment and employment.

Calling upon all stakeholders to remain sensitive to the demands raised by the younger generation and to unite in building a prosperous society through the creation of a suitable environment for peace and security in the country, it said that there should be easy access for citizens to public services.

Meanwhile, the FNCCI has asked its district and municipal chambers to send the details of the damage inflicted on businesses.

"Currently, we are in the process to collect the data. However, the FNCCI has asked its members to facilitate in the transportation of food and other essential goods," said Gokarna Raj Awasthi, Director General of the business body.

 

Banks open, share market remains shut

Banking and insurance services resumed from Thursday.

The Nepali Army lifted restrictions for the employees working in various government offices, banks, financial institutions, and public organisations – from Thursday – to travel to and from their workplaces showing their identity cards. Likewise, passengers of domestic and international flights were also allowed to travel to and from the airport by showing their flight tickets.

Following it, the Nepal Rastra Bank also directed the banks and financial institutions to run the services including the remittance with limited staff for the operation of critical services.

"Due to the need to improve digital payment services and mitigate high-risk situations, all institutions are advised to make arrangements for employees to work from home via a remote access system," said the NRB in its notice.

However, staff of some banks couldn't reach their offices as the security personnel returned them home while they were on the way stating that the restrictions were lifted for critical health and communication services not the BFIs. The BFIs are allowed to open till 2:00 in the afternoon.

Likewise, the stock exchange remained closed for Thursday as well. Earlier, Nepal Stock Exchange Limited published a notice to inform that it would remain closed for two days from Wednesday. If situation improved, it will open from Sunday.

The Tribhuvan University has suspended all of its academic activities before the great festival of Dashain. In a notice published on Thursday, the TU said that the classes will resume from October 28.

Due to the prevailing abnormal situation in the country, it has been decided to suspend all academic activities before Dashain – these days will be deducted from the upcoming winter holidays, read the notice. 

Published in The Rising Nepal daily on 12 September 2025.