In Nepal, casino operator Silver Heritage Group Limited, has reportedly settled a dispute with a pair of former investors after an entity known as, Tiger Kathmandu Investment Private Limited, purchased a 10% stake in its SHL Management Services Private Limited subsidiary.
According to a Tuesday report from GGRAsia, Sydney-listed, Silver Heritage Group Limited, holds a 90% stake in SHL Management Services Private Limited, which runs its recently-opened Tiger Palace Resort Bhairahawa integrated casino resort as well as The Millionaire’s Club and Casino inside Kathmandu’s Shangri La Hotel and Resort, while the remaining portion had been controlled by brothers Nabaraj and Rajendra Bajgain.
However, Silver Heritage reportedly fired the latter Bajgain sibling as a consultant in February amid accusations that he had been frustrating operations at its $52 million Tiger Palace Resort Bhairahawa. In an attempt to be reinstated, the local tourism entrepreneur filed a legal action in Nepal against his former employer, although the firm declared in April that it remained keen on reaching a settlement that did not involve litigation.
Hong Kong-based, Silver Heritage Group Limited, reportedly stated that Nepal’s Ministry of Industry, Commerce and Supplies had approved the deal that gives Tiger Kathmandu Investment Private Limited a 10% stake in SHL Management Services Private Limited in advance of explaining that its new partner is part of a larger concern that owns and constructs hotels.
It has been a turbulent ten months for the group, as co-founder, Tim Shepherd, left in August despite the imminent opening of the firm’s Tiger Palace Resort Bhairahawa only to be followed out the door last month by non-executive director Richard Barker and its former Chairman, David Green.