Silver Heritage Group has reached an agreement to buy out a partner who had accused the company of illegally hiring foreign workers at its new Tiger Palace Resort in Nepal.
ASX-listed Silver Heritage said brothers Rajendra and Nabaraj Bajgain have sold their 10 percent holding in SHL Management Services, the Silver Heritage subsidiary operating Tiger Palace and the company’s Millionaire’s Club and Casino in the capital of Kathmandu.
Rajendra Bajgain, a Nepal native, had been removed as a consultant to Tiger Palace following the hiring controversy but then challenged his firing in Nepal court.
Instead, a Nepal hotel developer called Tiger Kathmandu Investment has bought the brothers’ 10 percent stake with the approval of the Nepalese government, with Silver Heritage retaining its 90 percent of SHL.
The US$52 million Tiger Palace, targeting the lucrative India market, opened in the third quarter of last year in Bhairahawa bordering the Indian state of Uttar Pradesh.
