Hong Kong-based casino operator Silver Heritage Group Ltd., which owns and operates the Tiger Palace Resort Bhairahawa in Nepal, says it has received no confirmation that a Nepalese court has barred the sale or further development of the resort while a land encroachment case is explored.
According to the Kathmandu Post, on July 12 the Rupandehi District Court issued the order against Silver Heritage’s local subsidiaries, Tiger One and Silver Heritage Investment, in response to a writ from the chairman of a local water use group.
The writ alleges that Tiger Palace has encroached on four plots of land belonging to a public canal and another owned by the government. In a statement to Inside Asian Gaming, Silver Heritage wrote that it has not been “formally served with any court documents or evidence in relation to the proceedings. However the company understands that a local water consumer committee alleges that there has been construction upon a small area of land located in and around Tiger Palace Resort which is owned by the government of Nepal and managed by the Committee under Nepal’s laws relating to canals and irrigation,” it said.
“The company intends to defend these proceedings and shall keep the market informed of any developments in line with its continuous disclosure obligations.”
In May, Silver Heritage retained Union Gaming to find potential buyers for Tiger Palace Resort, in order to “release capital out of its asset base and enhance shareholder value.” The company said in late June it was getting closer to finding partners to join it in its casino business in Nepal, reported GGRAsia.
