KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has arrested former president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Shekhar Golchha.

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce issued a joint statement today. The private sector has been discouraged by the arrest and detention of industrialists and businessmen at a time when it is expected that there will be stability in the country and investment environment will be created after the formation of the new government.

The private sector, which contributes 81 per cent to the economy and 86 per cent to the employment, has to be in a state of panic, which will have a serious impact on the economy, employment, revenue and infrastructure construction, he said.

In the context of the arrest of industrialists and businessmen only on the basis of the report of the regulatory body, they have seriously urged the government to listen to the financial offense first and arrest them only after the guilt is proved.

“The arrest of the entrepreneurs on the charge of financial offences has made the entire private sector concerned and saddened by the fact that they were fully prepared to cooperate with the investigation and would be present at the time called by the police. We reiterate our attention to the fact that this arrest will not only affect individuals but also millions of jobs, supply chains, banking sector and the entire system and put the economy in serious jeopardy,” the statement reads.

He recalled that the private sector has taken a positive turn when the government has started involving the private sector in the policy and law making by realizing the contribution of the private sector.

The arrest has made the private sector more suspicious at a time when the Cabinet has already approved the formulation of a private sector protection and promotion strategy for the security and promotion of the private sector.

“The private sector has no dispute that if the guilt is proved, the guilty person should be liable to action. Reminding the government of the right to live with dignity guaranteed by the Constitution of Nepal and the provision that the guilt is not considered guilty until proven guilty, the entire private sector urges the government to be serious about this,” the statement said.

It has been reminded that the private sector expects the economy to become dynamic after the policies and business-friendly behavior taken by the government of about two-thirds majority after the new elections, which has been sluggishing for the last four years. However, the private sector does not want to be deviated from the issue of increasing investment and making investors feel safe during the current strong and stable government.