Silver Heritage Group on the verge of bankruptcy. SHG owns Tiger Palace Resort in Nepal. Billions of rupees at risk in Nepali bank

Published On: February 22, 2019 06:17 PM NPT By: Republica  | @RepublicaNepal


Silver Heritage Group on the verge of bankruptcy. SHG owns Tiger Palace Resort in Nepal. Billions of rupees at risk in Nepali bank

KATHMANDU, Feb 22: The Silver Heritage Group, an organization operating casinos in Nepal and Vietnam,  is on the verge of the bankruptcy. The share index in Australia  (SVH:ASX) is currently priced at 0.010 Australian dollar.

According to major shareholders, the company has not presented its real financial health to its shareholders.
According to the sources, the company was facing the dispute among the shareholders. Moreover, CEO Mike Bolsover has been involved in manipulating the company's finances to present a better picture.

With the shares tanking, the investment of Rs 1.40 billion of different financial institutions, including Prime Commercial Bank, is now in jeopardy.

A knowledgeable source claimed that ruling Nepal Communist Party’s general secretary and former Finance Minister Bishnu Poudel is lobbying to protect the company from going bankrupt.

 

Leave A Comment

Just In