Joint Appeal of the businessmen

August 6, 2003
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Amatya sees conspiracy against Fulbari Resorts

Kathmandu: Pretty annoyed by the action taken against Piyush Bahadur Amatya, the Chairman of the Fulbari Resorts, Pokhara, by the CIAA at the instigation of the Nepal Bank Limited Irish management, a sizeable chunk of Nepali businessmen have expressed their displeasure over the biased action against Mr. Amatya and have issued a joint appeal suggesting the government not to terrorise the businessmen henceforth.

The joint appeal reads in part: “It is well understood by every citizen of the nation and even by His Majesty’s Government of Nepal itself that the economy of the nation has been greatly ruined because of all these unfavorable events that took place in the national and the international arena in the last few years. Needless to admit the economy of this nation has even more devastated by the state of insecurity that is prevailing in this country because of the internal war that is going on in this land for more than a decade. The nascent phase of industrialization of this country has come to a halt. It is well realized by the government that the hard hit, because of the crisis, among the industries is the Tourism Industry. Not a single unit of Trade, Commerce and Industry in this country has been able to operate successfully because of the recession that has been observed in the financial activities of this nation. In the present context neither a single unit of Trade or Industry nor a group of Industries have been able to run with their optimum capacity. The impact is: they are not being able to meet even the administrative expenses of their organization. The financial obligations towards their lenders has become their distant dream. Therefore it has been sincerely appealed by the Private Sector to His Majesty’s Government of Nepal for bringing some rehabilitation packages so as to give a sustainable environment to these down trodden industries. It is appreciable that the Government has given some affirmative opinion in this direction.

In such pathetic environment of Trade and Commerce that the nation is undergoing, the private sector traders and industrialists has been terrorized and startled by the legal process that has been initiated for the bad loans that are existing in the commercial banks. This type of action has not only further deteriorated the current financial state of the Trade, Commerce and Industries but it has also spoiled the existing interpersonal relationship between the bankers and traders or the industrialists. Their conviction towards the bankers has been adversely effected and they have been compelled to live in the distressed state of mind.

So far the outcome of the negligence and weak managerial strategies that has been put by the bank, the same should be solved by their own efforts. But despite having sufficient margin of the Fixed Assets, owned by these business houses, over their liability that they oblige to the banks, the so called legal process that has been initiated towards them is nothing but an aggressive attitude of giving pain to the trustworthy business people of this country. This action lands nowhere except terrorizing and making them scary. The ultimate impact of which is definitely a massive destruction of the financial structure of the nation which will be named a Tragic Financial Accident in the history of Nepal.

In a real sense the banks and business people are the two parts of the single coin. Existence of either is next to impossible in the absence of another. Therefore, in this state of financial emergency that has taken place in the trade, commerce and industries of the nation; it is strongly appealed to the concerned sector that the recovery process of the loans should be rescheduled so as to suite the financial state of the industry and to make a policy to invest and recover further loans in a very pragmatic way. Besides in such a circumstances where loan recovery process has been governed by its own act and regulations of every banks of the country and an institution with its own enactment’s for the loan recovery has already been set up in this county, it is strongly appealed to the concerned sector to concentrate itself only on its proper road map and not to indulge a separate institution to terrorize and horrify the traders and industrialists in the name of loan recovery process”

Telegraph adds: In the meanwhile, Mr. Amatya has alleged that the Irish management is hell bent on selling the Fulwari complex for its loan recovery without consulting the owners of the Resorts in Pokhara.

Mr. Amatya has alleged that a sort of grand conspiracy is being hatched against him and his Fulbari resorts which he says must come to a halt.

He made these observations while talking to a group of select Nepali journalists Monday.