Australian-listed Silver Heritage Group has defended itself against an injunction alleging its Nepal IR, Tiger Palace Resort, has encroached on four plots of land belonging to a public canal and another belonging to the government.
In an ASX filing following the formal service of court documents, Silver Heritage says it has now sought independent legal advice which confirms that the plots in question “are not and were never legally registered in the name of the company (or its subsidiaries) but rather as unused Government land lying within the boundaries of Tiger Palace Resort Bhairahawa, and as such the injunction does not restrict the sale or construction on any plots legally owned by the Company through its subsidiaries.”
It added that the injunction poses no immediate commercial or legal impact or risk on the company’s operations in Nepal, warning caution in placing any significant reliance on what it describes as unsubstantiated and potentially misleading media reports.
The Kathmandu Post first reported in early July that the Rupandehi District Court had issued the order against Silver Heritage’s local subsidiaries, Tiger One and Silver Heritage Investment, in response to a writ from the chairman of a local water use group.
The court case comes as Silver Heritage considers a conditional offer to acquire its Nepal assets for US$33.9 million.
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