Australian-listed Silver Heritage Group, which owns and operates Tiger Palace Resort Bhairahawa in southern Nepal, has announced Tiger Kathmandu Investment Pvt Ltd (TKI) as its new Nepal partner after reaching a final settlement with former partner Rajendra Bajgain.
Under the terms of the settlement, both Rajendra Bajgain and his brother Nabaraj Bajgain have sold their entire shareholding in Silver Heritage’s local subsidiary, SHL Management Services Pvt Ltd (SMSK) to TKI which now owns 10% of SMSK. The share purchase by TKI had been previously approved by the Department of Industry in Nepal.
In a filing to the Australian Securities Exchange on Tuesday, Silver Heritage said that TKI is well known to the company and is part of a broader group involved in hotel ownership, operations and general construction in Nepal.
The company fell out with Bajgain in February after he publicly accused them of employing five foreign senior management staff illegally. Silver Heritage denied the allegations and quickly terminated its consultancy agreement with Bajgain.
Addressing Bajgain’s departure this week, Silver Heritage said he will now return to his role as Managing Director of Gurkha Encounters Pvt ltd – one of Nepal’s premier trekking, travel and tourism businesses.