Billions lost as arsonists target big business; tycoons run for cover

Nepal's protest movement tipped into large-scale economic violence, with mobs torching factories, supermarkets, banks and hotels in coordinated attacks that left some of the most prominent industrialists reeling.

On Tuesday, protesters set fire to the Chaudhary Group's electronics factory in Satungal, vandalised the offices and residence of billionaire Binod Chaudhary, and looted flagship branches of Bhatbhateni Superstore - Nepal's version of the ubiquitous 7-Eleven stores. "Three or four vehicles have been burnt. A house has been set on fire, all the belongings inside looted," an official of Chaudhary Group said.

Industrialist Shekhar Golchha, outgoing president of Federation of Nepalese Chambers of Commerce and Industry, saw his home vandalised and torched, but confirmed his family was safe. Supermarket magnate Min Bahadur Gurung suffered widespread losses, with branches of his Bhatbhateni chain in Naxal, Koteshwor and Radheradhe ransacked.

Chandra Dhakal's IME Group - whose investments include Chandragiri and Maulakali cable cars - was also hit, with both lower stations set on fire. The violence also struck foreign-linked companies. Telecom operator Ncell, controlled by a UK-based consortium, reported heavy damage to its headquarters. "There is significant damage to our office. We are working from home right now," a company spokesperson said.Once targeted at politicians, protests have now turned against symbols of wealth and privilege. "They are burning things we can't even afford to buy," said a trader, watching smoke rise from a factory.