Kathmandu. Ncell has expressed its objection to the publication of the investigation report related to the purchase and sale of shares. Issuing a press release, Ncell has objected to the leakage of confidential information by making the investigation report public. 

Ncell has also warned that the government’s decision to make the investigation report public will have a negative impact on the foreign investment climate in Nepal. 

The company has objected to the government’s move to make public the study and investigation report on the purchase and sale of Ncell’s shares, 2080, saying that the message of the security of investors’ privacy and business information would go to the international level. 

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. “This could lead to a significant disruption to the promotion of investment and business and could result in a situation where the country would have to suffer in the long run,” the company said in a statement. ’

Investor privacy question

Ncell has claimed that any company’s investment, business, transaction and the information and details related to it are protected by law. The company argues that although the information collected by the committee during the investigation can be used for the government in investigations, further investigations or prosecutions, those 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 company’s shareholders, directors and beneficiaries have also been affected by the release of the report. In particular, there is a legal provision to maintain confidentiality of property, documents,data, transactions, correspondence and electronic media.

Questions including the court’s decision

Ncell has claimed that the writ petition demanding the report to be made public was dismissed by the High Court on July 14, 2083 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 obligations 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.

Preparing to seek legal remedy

Ncell reserves the right to seek legal remedy against the government’s decision in accordance with national and international laws, treaties, and agreements. 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 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 for policy reforms and investment facilitation to attract foreign investment, the controversy over business secrecy 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, if investor confidence is weak, it will be difficult to attract new investment and it may have an impact on employment, business expansion and overall economic activity.