Kathmandu : The Nepal Gen-Z protests that toppled former Prime Minister K P Sharma Oli’s government last week have left the country’s private sector facing massive losses. Mobs attacked shopping malls, hotels, factories, auto showrooms, and private residences between September 8–9, killing 72 people and injuring over 1,000.
The protests caused severe damage to Kathmandu’s five-star Hilton Hotel, which opened in July 2024. Just a year after its launch, mobs set fire to the Himalayan nation’s tallest hotel in Naxal. Hotel Association of Nepal (HAN) estimated Hilton’s losses at over NPR 8 billion (INR 5 billion) and calculated total hotel damages at NPR 25 billion.
Protesters vandalized more than a dozen local and international hotels across Kathmandu Valley and cities including Pokhara, Butwal, Bhairahawa, Biratnagar, Dhangadhi, Mahottari, and Tulsipur. Rumors about Hilton’s stake by Jaybir Deuba, son of former Prime Minister Sher Bahadur Deuba, may have fueled the attacks, though Shankar Group denied any connection. Mobs also ransacked the residences of Deuba, Oli, Pushpa Kamal Dahal, and Jhalanath Khanal.
Retail giant Bhatbhateni Supermarket suffered heavy losses as mobs attacked 21 of its 27 outlets, burning 12 completely. Ten bodies were recovered from two stores. Owner Min Bahadur Gurung’s association with the former ruling party appeared to trigger the attacks. Despite the destruction, Bhatbhateni reopened 16 outlets on Sunday.
The Chaudhary Group, led by Nepal’s only billionaire Binod Chaudhary, faced extensive damage. Protesters looted and burned their factories, offices, showrooms, and personal residences. Managing Director Nirvana Chaudhary said, “Decades of work and commitment went up in flames in hours. The attacks targeted hope and trust, not just property.” The group’s Kathmandu electronics assembly unit, CG Net data centre, auto showroom in Thapathali, and GG Landmark Mall in Chitwan suffered major destruction.
Protesters also vandalized Ncell’s Kathmandu head office and partially set it on fire.
Despite these setbacks, business leaders promised to rebuild and recover. However, the attacks have shaken investor confidence and compounded Nepal’s economic challenges, including low demand and limited investment, leaving the private sector at a critical crossroads.
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