Binod Chaudhary (Nepali: विनोद चौधरी; born 14 April 1955) is a Nepalese billionaire businessman, politician and philanthropist. He is the chairman and president of the Chaudhary Group (CG).[2]

Honourable
Binod Chaudhary
MP
बिनोद चौधरी
Member of Parliament, Pratinidhi Sabha
Assumed office
22 December 2022
Preceded byHridayesh Tripathi
ConstituencyParasi 1
Member of Parliament, Pratinidhi Sabha for
Nepali Congress party list
In office
4 March 2018 – 18 September 2022
Member of Constituent Assembly for
CPN (UML) party list
In office
28 May 2008 – 28 May 2012
Personal details
Born (1955-04-14) 14 April 1955 (age 69)[1]
Kathmandu, Nepal
Political partyNepali Congress (since 2017)
Other political
affiliations
CPN (UML)
SpouseSarika Chaudhary
Children3
OccupationPresident of Chaudhary Group
Known forChaudhary Group

In February 2013, he was recognised as Nepal's wealthiest person and only billionaire, having an estimated net worth of $1 billion.[3] Since 2013, his net worth has risen to $1.7 billion.[4] Besides his business, which focuses on distribution, retail, leisure and manufacturing, he has done charity work, bookwriting, and filmmaking.[5]

Early life

Binod Kumar Chaudhary[6] was born in Kathmandu, Nepal, to a Marwari family.[7] His grandfather, Bhuramal Das Chaudhary, was an entrepreneur who started a textile business.[7] His father was also a businessman who further developed his grandfather's business. Early in his career, Chaudhary chose to pursue further education rather than join the family business.[8]

Chaudhary credits his grandfather and father as inspirations.[9] He is a fan of Bollywood icons Amitabh Bachchan and Ranbir Kapoor.[10] He admires Nelson Mandela, the former president of South Africa, for bringing freedom to that country,[10] and businessman J. R. D. Tata, for "building a company of rare distinction".[10]

Business career

Early career

His grandfather, Bhuramal Das Chaudhary, migrated to Nepal from Rajasthan, India, in the 19th century. After his arrival at age 20, he started a textile business.[7] A few years later, after the 1934 Nepal–Bihar earthquake, he became the first in Nepal to start a formally registered clothing company.[7] His father, Lunkaran Das Chaudhary, continued to develop the textile business, and also established international-trading houses, and a construction company.[7] In 1968 Lunkaran Das Chaudhary founded Arun Emporium, a retail store which was his most successful enterprise.[7] At the age of eighteen, Binod Chaudhary was about to head to India to study chartered accountancy, but his father was diagnosed with heart disease and the doctor told him his father could not continue to run the family business.[11] As he was the eldest son in the family he stepped in as head of the business.[11] He told The Telegraph, "My life was overnight changed completely. I did not have a choice at all. But it has made me a tougher man."[11] He also stated "I would have liked to study further but I was required to do my duty" in an interview with the Hong Kong Tatler.[12]

At first, he considered importing Japanese Suzuki cars to Nepal. He once wrote that "Suzuki did not trust me as I was a young clothes trader. I convinced them. They gave me a trial dealership along with four others to sell Suzuki in Nepal. Whoever sold most cars in six months would get the dealership."[13]

His first independent business was in 1973—a discothèque company called Copper Floor.[7] The company was a huge success, because of the many wealthy and powerful people who visited the club.[7] In 1979, Chaudhary made a deal with Japanese electronic firm National Panasonic, which was his first multinational deal.[7]

Chaudhary Group

The Chaudhary Group is a business group, founded by Chaudhary's grandfather Lunkaran Das Chaudhary.[14] Wai Wai, a brand of instant noodles, introduced to Nepal in 1984, became the company's bestseller.[15] Chaudhary took over his family company at the age of 23, and wrote "running that disco taught me a lot about business but it was only when I took over the family business of running Arun Emporium, turning its fortune and looking after family, I understood the business."[16] The idea to sell Wai Wai noodles came to Chaudhary after seeing many people from Thailand with packets of noodles. Soon after that, he realized that there was a craving for Thai noodles in Nepal.[17] He went to Thailand, where he visited Thai Preserved Food Factory Co. Ltd., the company that produced Wai Wai noodles for Thailand.[18] He wanted to collaborate with the company, however, the owner was not that confident the idea of bringing the noodles to Nepal would work due to the country's "poverty and poor infrastructure".[18]

Chaudhary told Forbes India:

Yes, back then I was simply looking to create a product from flour and then I decided on this product. Flying to Bangkok and back, I saw many cases of noodles on the baggage belt and I would ask people: 'Why are there so many of these cases coming from Thailand?' They would tell me that people loved them. I think people have grown with the product. To begin with, Wai Wai wasn't easily available in India. Today we have 20 percent market share in India. Now we're looking at creating a large national campaign here. We do localised marketing, but this is going to be a big one.[19]

After seeing Chaudhary's enthusiasm, he taught him how to make the noodles.[19] He also told the Bangkok Post, "I'm a great admirer of Thailand and this company that has given our group this kind of status."[19]

In 2013, Chaudhary was listed as Nepal's first billionaire by Forbes.[3][20] As of March 2019 he is listed at number 1,349 on Forbes' Billionaires of 2019 list.[4] After the announcement, he said, "I am humbled. As a businessman, you don't get a Nobel. This is my Nobel Prize, ... I see this as a recognition for the 40 years of my hard work".[21] In 2015 he was featured in cover of Forbes Asia.[22] By 2018 his fortune had risen by $200 million.[23] After appearing in the list he stated that, "Forbes' Billionaire List is the result of the blood and sweat of four generations. I am proud to say that there are 7000 people associated with the Chaudhary Group (CG) in 19 countries."[24]

In Daman, India during November 2019 the local administration[25] confiscated the valuable beachfront land and bulldozed the homes of the local indigenous fishing community.[26] The ensuing 2019 Daman Indigenous Landgrabbing Protests resulted with the detention of 70 protesters in schools converted to 'temporary jails' and another 8 arrests. Few of the adivasi fisherfolk were rehoused whilst most languished traumatised and homeless on the streets near the rubble of their razed homes.[27] As of March 2021 the site is now CG Corp Global's The Fern Seaside Luxurious Tent Resort offering tourist accommodation for $80US/£57GBP/Rs6000 for a night in a tent.[28]

Other businesses

In 1995, Chaudhary bought the Dubai government's controlling stake in the Nabil Bank.[29] He started Cinnovation Group on Singapore in 1990.[30] Cinnovation Group is one of the first highly pervasive multinational Nepali companies.[30] The company has interests in hotels and resorts, wildlife and in-bound tourism, FMCG (food and beverage), real estate, cement, and financial services.[30] Chaudhary has also started to show interest in joint ventures with Taj Hotels Group.[31] He also wants Nepal to move to a certain point where other investors see it as a safe place to invest.[31] Has said that, "The government must become investment friendly and appreciate wealth creation and entrepreneurship. We need to give investors confidence in us to take Nepal forward. That's my single biggest priority."[31]

Politics

Early politics

In 1979 his first multinational collaboration needed a license from Nepal's government. At that time Surya Bahadur Thapa was in power.[7] When he asked Chaudhary and his father for financial advice "to fund the campaign for the retention of Panchayat regime,"[7] they decided to support Thapa's political campaign.[7] After his downfall, Chaudhary contacted Dhirendra Shah.[7] He said he was forced to work with the Dhirendra of Nepal, "I had to do business with Dhirendra due to the need of that time. Rather than making profits from the investment, he gave me protection. Afterwards, the same security brought troubles".[32]

In the first People's Movement, which occurred in 1990, he became close with parliamentary parties including the Communist Party of Nepal-Unified Marxist Leninist (CPN-UML). He was involved working on the draft of their economic policy in 1994. This led to him becoming a member of the Constituent Assembly nominated by the party in 2008.[7] He has also said, "I would like to see Nepal's politics being driven by economic growth. I want to see someone who does not compromise the country's interests for his personal or party-oriented agendas."[24]

Nepali Congress

In 2017, Chaudhary joined the Nepali Congress party, led by Sher Bahadur Deuba.[33] The party has stated that Chaudhary has made significant contributions to the country.

CPN-UML

He was a member of the parliament of Nepal, representing the Communist Party of Nepal-Unified Marxist Leninist. He has said that, "They [CPN-UML] wanted me to come and contribute in the making of the Constitution as a person who is known within and outside the country."[34] He was also a UML lawmaker before that program went defunct.[35]

Other works

Author

In 2013, Chaudhary released his autobiography, titled "Binod Chaudhary: Atmakatha".[36] The book was later translated into English by journalist Sanjeev Ghimire, titled "Binod Chaudhary –  My Life: From the Streets of Kathmandu to a Billion Dollar Empire", and sometimes called "Making It Big: The Inspiring Story of Nepal's First Billionaire in His Own Words"[37] which was released on 2015.[38] The book was launched in India under the title Ek Unchi Udaan.[39] Chaudhary told Forbes India, "When I made up my mind to write this book, I also decided that I would not manipulate it".[40] The book was called a must read for everyone. Some sources said, "It charts the immensely successful and interesting life story of a self-made man who never forgot to enjoy or live his life while navigating his way up a volatile, unstable and unfriendly environment."[41]

The Kathmandu Post wrote, "The 327-page autobiography published by Nepalaya reveals a lot about Chaudhary, who was an unusual Marwari. Against the Marwari tradition, he went for a love marriage, that too when he was already engaged with another lady. Starting a discotheque—Copper Floor—in early 70s in Kathmandu was again unthinkable at the time for someone from Marwari family."[42] Rajan Thapaliya of the HuffPost wrote, "I recommend Mr. Chaudhary's book for those looking to expand and improve their knowledge. His information is approached from a plethora of angles and he uses his mistakes as a learning tool. He his a charismatic man with a vision."[43] Nirmal Thapa wrote, "Binod Chaudhary's autobiography is a very good read for someone to understand how the entrepreneur built a billion dollar empire. A must read for the youth of the country and for aspiring/current entrepreneurs who want to build a multinational company from Nepal."[44]

Charity works

On the same days as the April 2015 Nepal earthquake, he organized relief efforts in Kathmandu.[45] He arranged for health care workers to help the victims of the earthquake in 12 districts of Nepal.[45] He has donated more than $2.5 million to help rebuild schools and homes destroyed by the earthquake,[45] and the Chaudhary Group has also donated 500,000 packets of Wai Wai noodles, thousands of juice cartons, and food and water to people in need.[46]

Chaudhary Foundation

He has his own charity, called the Chaudhary Foundation. It has signed the United Nations Development Programme for the advancement and promotion of Sustainable Development Goals (SDGs) in Nepal.[47][48] The foundation was established in 1995.[49] After the serious earthquake the foundation has been helping to rebuild Nepal.[50] The foundation has also handed over 166 shelters for victims of the earthquake to the Kumpur Village Development Committee (VDC) located in Dhading.[51] They have also said, "Chaudhary Foundation is willing to join hands with the National Reconstruction Authority on its mission of rebuilding Nepal. We hope that the rebuilding efforts are driven in a way to boost the country's economic development. Our Foundation wishes to significantly contribute toward that direction."[51]

Awards

In 2015 he was honoured by Sri Sri University for his outstanding contribution in philanthropy; he was given an honorary doctorate degree.[52] In 2016 he was awarded Asian Man of the Year Award.[53] Later in 2016 he was also awarded the 2016 Frost & Sullivan Growth, Innovation and Leadership (GIL) Award.[54] In 2019 he was awarded with Lifetime Achievement Award by Hotelivate.[55]

Personal life

He is married and has three children.[56]

Controversy

Binod Chaudhary has been subject to various allegations and controversies over the years. Chaudhary has faced accusations of tax evasion, financial irregularities, and alleged monopolistic practices within certain sectors. Notably, he has established prominent relationships with political entities in power, including Prince Dhirendra during the monarchy rule in Nepal, and later affiliations with CPN-UML and Nepali Congress after Nepal transitioned into a republic.[57] One significant controversy involves the alleged privatization of land belonging to the Bansbari Shoe Factory, a government entity. [58] Investigations revealed that Chaudhary's company took control of shares allocated to the public during the privatization process, subsequently gaining control of the land. [59] [60] Additionally, one of Chaudhary Group's subsidiaries, Apollo Steel Industries, faced accusations of land grabbing in Satungal, Kathmandu. Local communities have accused the company of usurping a public road, which is currently fenced off and part of the premises housing CG Electronics. This dispute dates back to 1987 and the road in question still remains closed to the public. [61] Furthermore, Chaudhary's investment in Hotel Summit has been marred by allegations of procedural lapses and neglect regarding neighboring properties. Investigations revealed the company's failure to obtain approval from local authorities for construction and circumvention of mandatory Environmental Impact Assessments (EIA). [62][63] He was also named in the Pandora Papers leak in 2021.[64] While his son denies allegations, stating compliance with the law, investigations suggest the use of loopholes to circumvent Nepal's legal restrictions on owning foreign assets and capital controls for global business expansion. Chaudhary himself has alluded to such practices in his autobiography. [65] [66]

References

  1. ^ Chaudhary, Binod. "Biography". Binod Chaudhary. Archived from the original on 25 October 2014. Retrieved 17 April 2013.
  2. ^ "President's Message". chaudharygroup.com. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  3. ^ a b "Chaudhary first Nepali on Forbes list". kathmandupost.ekantipur.com. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  4. ^ a b "Binod Chaudhary". Forbes. Archived from the original on 9 April 2017. Retrieved 28 May 2019.
  5. ^ "Binod Chaudhary". Lens Nepal. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  6. ^ Magazine, New Spolight. "Nepal Has A Conducive Environment For Chinese Investors: Binod Kumar Chaudhary". SpotlightNepal. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  7. ^ a b c d e f g h i j k l m n "Binod Chaudhary – My Story: From the Streets of Kathmandu to a Billion Dollar Empire" (PDF). 28 May 2019. Archived (PDF) from the original on 24 October 2018. Retrieved 28 May 2019. {{cite journal}}: Cite journal requires |journal= (help)
  8. ^ "Nepal gets its first Forbes billionaire". NDTV.com. 5 March 2013. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  9. ^ "Binod Chaudhary – A Business Encyclopedia for the New Generations – Thrive Global". thriveglobal.com. 5 May 2019. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  10. ^ a b c "Binod Chaudhary: Nepal's first dollar-billionaire businessman". The Economic Times. Retrieved 29 May 2019.
  11. ^ a b c "Nepal's billion-dollar man". The Telegraph. Kolkota. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  12. ^ Lamunière, Pierre (10 May 2019). "How Binod Chaudhary Became Nepal's Only Billionaire". Hong Kong Tatler. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  13. ^ ABPL. "Binod K Chaudhary – The Only Forbes Billionaire from Nepal..." asian-voice.com. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  14. ^ "About Us". chaudharygroup.com. Archived from the original on 27 August 2013. Retrieved 28 May 2019.
  15. ^ "Beating Hunger With Wai Wai". chaudharygroup.com. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  16. ^ Saharan, Meenakshi (16 July 2018). "Book Summary: Making It Big-Binod Chaudhary (Autobiography of Nepal's first billionaire)". Medium. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  17. ^ "Binod Chaudhary: Nepal's first dollar-billionaire businessman". The Economic Times. Retrieved 28 May 2019.
  18. ^ a b "Relationship king". Bangkok Post. Retrieved 28 May 2019.
  19. ^ a b c "Meet Binod Chaudhary, the richest man in Nepal". Forbes India. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  20. ^ Karmali, Naazneen. "Binod Chaudhary Is Nepal's First Billionaire". Forbes. Archived from the original on 23 August 2017. Retrieved 28 May 2019.
  21. ^ "Impoverished Nepal produces first billionaire – Binod Chaudhary". The Economic Times. 5 March 2013. Retrieved 28 May 2019.
  22. ^ "Binod Chaudhary on the cover of Forbes Asia". kathmandupost.ekantipur.com. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  23. ^ "Chaudhary's fortune rises by $200 million". kathmandupost.ekantipur.com. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  24. ^ a b "LEADERSHIP & MANAGEMENT DEVELOPMENT PROGRAM" (PDF). Archived (PDF) from the original on 24 July 2014.
  25. ^ Express, News Service (5 November 2019). "Demolition of houses: Section 144 in Daman after residents protest". Indian Express. Retrieved 2 March 2021.
  26. ^ The Wire, Staff (4 November 2019). "Daman: Section 144 Imposed, Two Government Schools Converted Into 'Temporary Jails'". The Wire. Retrieved 2 March 2021.
  27. ^ Uppal, Jas (6 January 2020). "Daman – Land and Property Owned by the Fishing Communities Confiscated and Homes Demolished". Justice Upheld. Retrieved 2 March 2021.
  28. ^ "CG Corp Global plans 79 Fern Hotels & Resorts in India by 2020-end". The Economic Times. Retrieved 18 August 2021.
  29. ^ Trenwith, Courtney (3 May 2013). "Nepal's first billionaire". Arabian Business. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  30. ^ a b c "Chaudhary Group | New Business Age – monthly business magazine in English published from Nepal". newbusinessage.com. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  31. ^ a b c "The Billionaire Using His Noodle To Help Nepal". Wealth-X. 22 June 2015. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  32. ^ Magazine, New Spolight. "I was forced to do business with Dhirendra Shah". SpotlightNepal. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  33. ^ "Nepali Congress welcomes Chaudhary". The Himalayan Times. 30 October 2017. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  34. ^ NP, Ullekh (7 July 2013). "Binod Chaudhary: Meet Nepal's first dollar-billionaire businessman". The Economic Times. Retrieved 29 May 2019.
  35. ^ "A candid tale of an ambitious entrepreneur". sharesansar.com. 15 December 2016. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  36. ^ "Binod Chaudhary biography for Rs 190". kathmandupost.ekantipur.com. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  37. ^ Making It Big: The Inspiring Story of Nepal's First Billionaire in His Own Words. Portfolio. 2 May 2016. Retrieved 28 May 2019.
  38. ^ "Binod Chaudhary's autobiography's English version out". The Himalayan Times. 30 December 2015. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  39. ^ "Secret behind Billioner Life 'Ek Unchi Udaan' Autobiography of Mr. Binod Chaudhary launched in India". Issuewire.
  40. ^ "Billionaire Binod Chaudhary: Making it Big, in Nepal". Forbes India. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  41. ^ Bhatia, Gayatri Reddy (8 May 2016). "The road to mega success". Deccan Chronicle. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  42. ^ "A candid tale of an ambitious entrepreneur". kathmandupost.ekantipur.com. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  43. ^ Thapaliya, Rajan (22 June 2016). "What I've Learned From Binod Chaudhary- The First Billionaire of Nepal". HuffPost. Retrieved 29 May 2019.
  44. ^ "Binod Chaudhary My Story book review". Nirmal's Blog. 9 September 2018. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  45. ^ a b c Cunningham, Susan. "Binod Chaudhary Helps Rebuild Nepal". Forbes. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  46. ^ "Nepal's only billionaire to construct 1,000 houses, support long-term relief work". Firstpost. 7 May 2015. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  47. ^ "UNDP, CF partner to advance SDGs in Nepal". The Himalayan Times. 14 July 2017. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  48. ^ "Chaudhary Foundation and UNDP join hands to push forth the SDGs in Nepal". UNDP in Nepal. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  49. ^ "Chaudhary Foundation". chaudharyfoundation.org. Archived from the original on 30 December 2018. Retrieved 29 May 2019.
  50. ^ Sobti, Inakshi; Cohen, Lauren H.; Malloy, Christopher J. (25 March 2018). "Chaudhary Group: Rebuilding Nepal (B)". Archived from the original on 30 June 2019. Retrieved 29 May 2019. {{cite journal}}: Cite journal requires |journal= (help)
  51. ^ a b Republica. "Chaudhary Foundation hands over 166 transitional shelters in Dhading". My Republica. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  52. ^ "Nepal's billionaire Binod Chaudhary honoured with doctorate by Indian varsity". The Economic Times. 2 September 2015. Archived from the original on 19 May 2017. Retrieved 28 May 2019.
  53. ^ Magazine, New Spolight. "Binod Chaudhary Awarded 'Asian Man of the Year'". SpotlightNepal. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  54. ^ "Frost & Sullivan honors first Nepalese billionaire Mr. Binod Chaudhary with the growth, innovation and Leadership Award, 2016". @businessline. 21 November 2016. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  55. ^ "HOTELIVATE confers Binod Chaudhary with Lifetime Achievement Award". Daily News. Archived from the original on 29 May 2019. Retrieved 29 May 2019.
  56. ^ Lamunière, Pierre (13 May 2019). "How Binod Chaudhary Became Nepal's First & Only Billionaire". Thailand Tatler. Archived from the original on 28 May 2019. Retrieved 28 May 2019.
  57. ^ "Nepal's richest man in Nepali Congress courts controversies, raises moral questions". Nepal Live Today.
  58. ^ "Nepal's Only Billionaire Investigated In Alleged Land Grab Case". NDTV.com. Retrieved 21 March 2024.
  59. ^ "बाँसबारीको जग्गा हडप्न सर्वसाधारणलाई दिनुपर्ने फूटवेयरको २४ प्रतिशत शेयर नै 'कब्जा'". Ukaalo (in Nepali).
  60. ^ "चौधरी ग्रुपले हडपेको सतुंगलको सार्वजनिक जग्गाः जिल्लाको फैसला भएन सदर, विपक्षी झिकाउन उच्च अदालतको आदेश". Ukaalo (in Nepali).
  61. ^ "चौधरी ग्रुपले हडपेको सतुंगलको सार्वजनिक जग्गाः जिल्लाको फैसला भएन सदर, विपक्षी झिकाउन उच्च अदालतको आदेश".
  62. ^ "समिट अपार्टमेन्टमा चौधरी समूहसँग ललितपुर महानगरकै 'मिलेमतो'". Ukaalo (in Nepali).
  63. ^ "Summit Apartments land subsidence issue enters Parliament". kathmandupost.com.
  64. ^ "Pandora Papers reporting from across Asia - ICIJ". 23 November 2021.
  65. ^ "ट्याक्स हेभन मुलुकमा चौधरी ग्रुपका परिवारैको लगानी". CIJ.
  66. ^ Chaudhary, Binod (2016). Making it big: the inspiring story of Nepal's first billionaire in his own words. Gurgaon, Haryana, India: Portfolio/Penguin. ISBN 978-0143426035.