The bad blood between Australia-listed casino operator Silver Heritage Group Ltd. and its former partner in the Tiger Palace Resort at Bhairahawa in Nepal is already a thing of the past after both parties have decided to settle their dispute.
In a regulatory filing, Silver Heritage announced that its former consultant to the Nepal casino project, Rajendra Bajgain, and his brother, Nabaraj Bajgain, agreed to sell their shares in SHL Management Services (KTM) Pvt Ltd. (SMSK) to Tiger Kathmandu Investment Pvt. Ltd. (TKI) for an undisclosed sum of money.
SMSK is a subsidiary of Silver Heritage that operates the casinos at Tiger Palace Resort and The Millionaire’s Club and Casino in Kathmandu, the capital of Nepal.
The share purchase was approved by the Department of Industry in Nepal, as required by law, according to the Australian casino operator.Following the settlement, TKI now owns a 10 percent shareholding in SMSK, with the remaining 90 percent owned by Silver Heritage.