Nepal Tycoon Says Gen Z Protesters Had Valid Concerns

(Bloomberg) — The son of Nepal’s richest tycoon said last week’s protesters had valid grievances, days after young demonstrators helped topple the Himalayan nation’s government.

Most Read from Bloomberg

“The youth are not seeing the country move forward to a degree they envisaged,” Nirvana Chaudhary, the managing director of the noodle-to-banking Chaudhary Group told Bloomberg’s Haslinda Amin on Monday.

Their frustrations and allegations are, “to a large extent, valid,” he added, citing years of political instability and a weak economy.

Nepal was engulfed by deadly protests last week, led mainly by teenagers and young adults, that forced the country’s top leadership to resign. Demonstrators set ablaze government buildings in Kathmandu — including the parliament — as well as private homes, before the army imposed a curfew.

The Chaudhary Group, which built its fortune selling instant noodles, suffered heavy losses, with factories, showrooms and homes burned and goods worth $40–50 million looted, the managing director told Amin on Monday.

Nepal’s former Supreme Court Chief Justice, Sushila Karki, was sworn in as the interim leader on Friday. Chaudhary said the South Asian nation’s revolving door of governments is a key part of the problem, with constant leadership changes and unstable policies fueling public frustration.

While Nepal’s protests were sparked by government restrictions on social media platforms, they also reflect anger among the youth over joblessness and inequality. Terms like “nepo kids” have been trending widely on social media posts related to the protests — used to derisively describe the trend of children of elites flaunting their wealth.

More than 20% of the country’s 30 million people live in poverty, according to the World Bank, while the most recent official figures estimate youth unemployment at 22%.

“Private sector is going to get back on its feet, rebuild our companies and continue the path of helping the economy grow in different avenues and sectors,” Chaudhary said, whose group is one of Nepal’s biggest employers.

He added that political stability is crucial, as foreign investors are reconsidering projects amid the uncertainty.

“We need to prove ourselves,” said Chaudhary. “The country needs strong leadership.”

–With assistance from Naman Tandon and Advait Palepu.

(Corrects headline and lead to clarify characterization of the protests)