. Ncell has warned that the government’s decision to make public its report on the purchase and sale of shares will have a negative impact on the foreign investment climate in Nepal. The company has objected to the government’s move, saying it would send a message that the privacy of investors and the security of business information is not guaranteed at the international level.
Ncell has expressed its objection to the publication of the ‘Study and Investigation Report on Share Purchase and Sale of Ncell, 2080′ based on the stated decision of the Council of Ministers on August 11, 2083. According to the company, sensitive information that should be kept confidential by law in the name of good governance, transparency and citizens’ right to information has also been made public.
The company claimed that the release of the report on Thursday would send a message that the Government of Nepal is not committed to protecting the privacy of foreign investors and their business information. This will create challenges to attract new foreign investment in Nepal and maintain the confidence of the existing investors.
“This move of the government will create a situation where investors will lose confidence,” the company said in a statement.
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Ncell claims that any company’s investment, business, transaction 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 in investigations, further investigations or prosecutions, these details should not be made accessible to the public.
The company has claimed that the right to privacy guaranteed by Article 28 of the Constitution of Nepal, the Right to Privacy Act, 2075 and tax laws have been violated.
According to Ncell, the rights of the shareholders, directors and beneficiaries of the company have been affected due to the release of the report.
The company has a legal provision to maintain confidentiality of property, documents, data, transactions, correspondence and information related to electronic media.
The High Court has dismissed the writ petition demanding that Ncell should make the report public, and the verdict has been finalized. The company has objected to the government’s decision to make the report contrary to the court’s decision.
The company has linked it to the constitutional and legal obligation to abide by the judicial decorum and the court’s decision. Ncell has described the decision to make public the confidential report by the court as an unfortunate incident.
Ncell reserves the right to seek legal remedy in accordance with national and international laws and treaties against the government’s decision.
The company said that the Privacy Act provides for punishment for the breach of privacy and compensation for the victim.
Ncell claims that the confidentiality of various confidential information related to the company has been breached due to the release of the report
and has caused irreparable loss to itself.
Claims of long-term impact on foreign investment
Ncell has presented the government’s latest move as not just a matter related to a single company but also related to the reliability of investment security in Nepal. According to the company, the government’s move may create a negative impression on Nepal’s investment climate as foreign investors consider legal security, business freedom and confidentiality of information as important.
At a time when Nepal is making efforts to make policy reforms and investment facilitation to attract foreign investment, the controversy over business privacy of investors is not a positive message.
The company has claimed that the report has been made public questioning the government’s commitment to constitutional and legal protection to investors. The company described it as a “breach of trust and confidence”. Ncell has warned that the government’s decision to make the report public may have a long-term impact on Nepal’s investment climate rather than an immediate loss to it.
According to the company, weak investor confidence will make it difficult to attract new investment and it can have an impact on employment, business expansion and overall economic activity.
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