Silver Heritage Nepal sale delayed, faces new legal action

Tiger Palace Resort, Nepal
Tiger Palace Resort, Nepal

Silver Heritage said the sale of its operations in Nepal has been delayed, its chief financial officer has resigned and it is facing further legal action in the country over land use.

The company announced at the end of July that it had received a conditional binding offer from a Nepali businessman. One condition was the payment of a $3 million deposit by August 15, which still has not been received.

The delay was due to factors outside of both the company and the buyer’s control, Silver Heritage said in a statement to the Australia Stock Exchange. As a result the deadline has been extended to Sept. 10.

The company also announced that the Rupandehi District Court has granted a second interim ex parte injunction against two of its Nepal units. The injunction is related to land at the Tiger Palace Resort.

Silver Heritage said it is currently seeking legal advice on the effect and consequences of the injunction. 

The statement also said that Chief Financial Officer Ben Watiwat has resigned effective Sept. 6th to pursue other opportunities and will be replaced by existing members of its finance team and Martin Wright who is rejoining on a consultancy basis.

Wright was CFO between 2006 and 2017.

In other management changes, Silver Heritage appointed Amy Bunnell as country head Nepal effective from August 26. She has been working as general manager on the ground for the past three months and has extensive experience in building and growing businesses in the Asia Pacific, the release said.