Ncell Investigation Report Public: Company Strongly Objects, Stating Foreign Investment Environment Clouded

28 Saun, Kathmandu.

Ncell has warned that the government’s decision to make public the investigation report related to its share purchase-sale will negatively impact the foreign investment environment in Nepal. The company has objected to the government’s move, stating that it sends a message internationally that the privacy of investors and the security of business information are not guaranteed.

In a statement issued by Ncell, the company objected to the publication of the ‘Ncell Share Purchase-Sale Study and Investigation Report, 2080′ based on the alleged decision made by the Council of Ministers on 26 Saun 2083. According to the company, sensitive details that should be kept confidential by law have also been made public in the name of good governance, transparency, and citizens’ right to information.

On Thursday, the company claimed that the publication of the report sends a message that the Government of Nepal is not committed to protecting the privacy of foreign investors and their business information. Ncell states that this creates a challenge in attracting new foreign investment to Nepal and maintaining the trust of existing investors.

“This move by the government creates a situation where investors’ trust will be lost,” the company said in the statement, “This could lead to major obstacles in investment and business promotion, and in the long run, the country might suffer losses.”

Questions on Investor Privacy

Ncell has claimed that any company’s investment, business, transactions, and related information and details are protected by law. The company argues that although the information collected by the committee during the investigation can be used by the government for research, further investigation, or prosecution, these details should not be made accessible to the general public.

The company has claimed that the right to privacy guaranteed by Article 28 of the Constitution of Nepal, the Individual Privacy Act, 2075, and various privacy rights ensured by tax-related laws have been violated.

According to Ncell, the rights of the company’s shareholders, directors, and stakeholders have also been affected by the report’s publication. The company stated that there are legal provisions requiring the confidentiality of information related to assets, documents, data, transactions, correspondence, and electronic media.

Questions Even on Court’s Verdict

Ncell has claimed that a writ petition demanding the publication of the report was dismissed by the High Court on 31 Ashar 2083, and that verdict has become final. The company has objected to the government publishing the report contrary to the court’s final verdict.

The company has linked this to the constitutional and legal obligation to uphold judicial dignity and comply with court decisions. Ncell has described the decision to publish a report deemed confidential by the court as an unfortunate event.

Preparing to Seek Legal Remedies

Ncell has stated that it reserves the right to seek legal remedies in accordance with national and international laws and treaties against the government’s decision. Citing that the Individual Privacy Act provides for punishment for offenders and compensation for victims in cases of privacy breaches, the company announced that it would make necessary decisions on this matter.

Ncell claims that the publication of the report has violated the confidentiality of various sensitive information related to the company, causing irreparable damage.

Claim of Long-Term Impact on Foreign Investment

Ncell has presented the government’s latest move not merely as an issue related to a single company but as one concerning the reliability of investment security in Nepal. The company states that since foreign investors view legal protection, business freedom, and information confidentiality as crucial in the countries where they invest, the government’s action could lead to a negative perception of Nepal’s investment environment.

Ncell has stated that the emergence of a dispute concerning investors’ business confidentiality at a time when Nepal is attempting policy reforms and investment facilitation to attract foreign investment is not a positive message.

The company has claimed that the report was made public in a way that raises questions about the government’s commitment to constitutional and legal protection provided to investors. Ncell has interpreted this as an ‘infringement of trust and confidence.’ Ncell has warned that the government’s decision to publish the report could have a long-term impact on Nepal’s investment environment, beyond the immediate damage to itself.

According to the company, if investor confidence weakens, it will be difficult to attract new investment, and this could affect employment, business expansion, and overall economic activity.

For More: Ncell Investigation Report Public