Silver Heritage confident consultancy termination valid

Australia-listed Silver Heritage Group said it’s confident that a consultancy agreement with a former partner at its Nepal IR was validly terminated.

In a statement to the stock exchange, the company noted that a Nepal court has granted Rajendra Bajgain a temporary stay of the termination pending a substantive hearing. No date has yet been set.

The company terminated Bajgain’s accord on Feb. 22. He subsequently took court action against Silver Heritage, seeking reinstatement.

“The company is confident the consultancy agreement was validly terminated and believes it will ultimately prevail when substantive issues are ventilated before the court,” it said.

The company also said it agreed to discussions with Bajgain to settle disputes without the need for further court action.

Bagjain’s consultancy accord was terminated after he accused the company of illegally employing foreign workers. He told local outlet My Republica that he had been consistently lobbying for the recruitment of only Nepali citizens at the casino, which were rejected by senior management.

Bajgain claimed that five senior staff working at the Nepal casino were doing so without work permits.

Silver Heritage held the grand opening for the Tiger Palace resort in March. Spread over 22 acres of land, Tiger Palace Resort offers 100 guest rooms and suites along with two private villas, offering views of the mountains and forests surrounding the resort.

It also features 2,500 sqm of live gaming and entertainment venue, featuring 44 gaming tables and more 200 electronic gaming machines.


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