Silver Heritage Group Ltd, an Australian-listed casino operator and developer, settled a dispute with a former partner at Tiger Palace Resort in Nepal’s Bairahawa and took on the new partner.
Silver Heritage told the Australian Stock Exchange on Tuesday that Rajendra Bagain, a former consultant in the project, and his brother Navaraj Bagain sold shares in SHL Management Services (KTM) Pvt Ltd. The company is a subsidiary of Silver Heritage, which operates casinos at the Tiger Palace resort and is the second casino owned by a millionaire club and casino in Nepal’s capital, Kathmandu.
Silver Heritage said the Bajgain brothers sold their 10% stake to Tiger Kathmandu Investment Pvt Ltd with the required permission of the Nepalese Ministry of Industry. Silver Heritage owns 90% of SHL Management, but the sale makes Tiger Kathmandu Investment a new partner. Silver Heritage told the stock exchange that it is well aware of the new partners and is part of a group of companies that own and build hotels.
Silver Heritage had previously informed the stock exchange that Rajendra Vaz had dismissed Rajendra Vazgain from his position as a consultant, claiming he had tried to thwart Tiger Palace’s operations. Vazgain had confronted a Nepalese court with legal action to reinstate him. In April, Silver Heritage said it was looking for a path of reconciliation that would not involve a court of law.
The Tiger Palace resort near the border between Nepal and the Indian state of Uttar Pradesh cost about $52 million to build. It opened at the end of the third quarter of last year and the casino began operating in December. Nepal’s Ministry of Culture, Tourism and Civil Aviation issued a license to SHL Management Services. 파워볼사이트