Industrialists against arrest of Jyoti Group members

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Kathmandu, November 13

Various commodity associations and district chambers of the private sector representing bodies have started protests across different parts of the country against the arrest of Roop Jyoti, vice chairman of Jyoti Group, and the arrest warrant issued against industrialist Padma Jyoti, who is the former president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the chairman of Jyoti Group.

Among others, member organisations of FNCCI — like Nepal Automobile Dealers’ Association (NADA), Federation of Contractors’ Associations of Nepal (FCAN), Kathmandu Chamber of Commerce and Industry and Dairy Association of Nepal — have launched protests against the arrest of aforementioned industrialists citing that such high-handedness against entrepreneurs is creating havoc in the business community.

Interestingly, FNCCI is yet to give its official viewpoint on the matter. Meanwhile, other private sector representing bodies, including the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC), are also mum on this issue.

While the police arrested Roop last week from the Tribhuvan International Airport (TIA) on charges related to housing fraud, the Kathmandu District Court issued an arrest warrant against Padma on the same case.

“The arrest of members of Jyoti Group has created havoc in the entire private sector. Such activities will certainly affect the business environment and discourage investment in the long run,” said Shekhar Golchha, senior vice-president of FNCCI.

Bijendra Krishna Malla had earlier filed a case against Jyoti Group and its member complaining that he had paid Rs 27.6 million in instalments since September 2014 for a house at Bansbari, Budanilkantha, to Landmark Developers, in which the Jyoti Group has a stake, but he still has to get possession of the house.

Meanwhile, The Himalayan Times has learnt that FNCCI, CNI and NCC are unwilling to give an institutional standpoint on this issue as it is related to a court case.

“There were discussions among the members of these associations to institutionally stand against the arrest of Jyoti brothers. However, all these institutions lack the guts to do so,” said an industrialist seeking anonymity. “Had FNCCI taken its institutional stand on the issue, the other institutions would have followed suit.”

The post Industrialists against arrest of Jyoti Group members appeared first on The Himalayan Times.

Written by Nishant Pokhrel
This news first appeared on https://thehimalayantimes.com/business/industrialists-against-arrest-of-jyoti-group-members/ under the title “Industrialists against arrest of Jyoti Group members”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.