KATHMANDU: Infinity Holdings and Shankar Group have denied any involvement in the recent Gen-Z–led protests.

In the statement, Infinity Holdings Chairman Deepak Bhatt and Shankar Group Director Sahil Agrawal stressed that neither their companies nor their leadership had any connection to the protests or to Gen-Z leader Sudan Gurung’s current political activities.

Bhatt and Agrawal clarified that their first interaction with Gurung came during the COVID-19 pandemic. At that time, they partnered with Hami Nepal, the organization Gurung led, to extend emergency support to COVID-19 struggling families.

“We believed that we must rise above business interests and contribute to humanity,” the statement said. “Thousands of fathers, mothers, brothers, and sisters were in distress. By supporting their treatment and rehabilitation, thousands of lives were saved, which remains a source of pride for us.”

The companies emphasized that this collaboration was conducted transparently as part of their corporate social responsibility (CSR) program. “We publicly announced the support then, and Hami Nepal itself acknowledged our contribution on its website using our company logos,” they said.

They underlined that since the pandemic, there has been no cooperation with Gurung or Hami Nepal. “We have no concern or relation with his politics or institutional activities,” the statement clarified.

The joint statement also addressed the destruction of the newly launched Hilton Hotel in Kathmandu, promoted by Jagdamba Hospitality Group. The property, a symbol of foreign hotel chain and a major boost to Nepal’s tourism sector, was set ablaze amid arson, vandalism, and looting during the unrest.

“Despite years of tireless effort, this international chain hotel has now been reduced to ashes,” the statement said. “This is not only a financial loss but also a serious blow to Nepal’s business, tourism, and economy. Along with our hard work and dreams, a great asset of the nation has turned to rubble, leaving us devastated.”

The investors argued that the tragedy was worsened by malicious rumors spread about the project since its inception. “This barbaric act of arson has not only driven away foreign tourists but has presented a tragic image of Nepal to the world,” they said.

Despite their grief, Bhatt and Agrawal vowed not to give up. “We are deeply shaken, but not defeated. We gave up good opportunities abroad to invest here, believing we could do something meaningful in Nepal. In this crisis, we will rise again and rebuild from a new beginning.”

They expressed confidence that their companies could still contribute to Nepal and its people, even after such devastating losses.

Appeal to the Public and Media, business leaders also urged the public not to be swayed by misinformation. “We sincerely appeal to all our fellow Nepali—not to be misled by fabricated and false news circulating on social media, online platforms, and print outlets.”

They criticized media outlets that linked them to Gurung without verification. “We are saddened that some media published and broadcast misleading reports without consulting us or checking the facts,” they said.