Savan Vegas Hotel and Entertainment Complex’s legal saga continues.
This time, Sanum Investments Ltd. and its parent company, Lao Holdings NV, announced that is has filed a petition opposing the “motion to dismiss” that was filed by San Marco Capital Partners LLC. The opposition was filed with the United States District Court in Delaware.
A bit of recap: the Laotian government entered into a joint venture with a consortium consisting of Netherlands-registered Lao Holdings and Macau-based Sanum Investments to run the Savan Vegas. Under the partnership, Lao Holdings owned 80 percent of the casino hotel complex, while the remaining 20 percent was under the control of the Laos government.
The government, however, seized the property in 2012, when it claimed that the operators owed $23 million in back taxes. This led to arbitration proceedings, which were settled in June 2014. The settlement required the two companies to sell their interest in exchange for Laos dropping its tax-dodging and criminal bribery charges.