Silver Heritage Group announced new director

After the resignation of Michael Basset, the Company, that struggles against a huge debt, designated Darryl Kaplan as new non-executive director.

Nepal.- Silver Heritage Group has announced the arrival of Darryl Kaplan as new non-executive director after the resignations of Chairman James Spenceley and director Michael Bassett. The Group owns and operates Tiger Palace Resort in Nepal and Millonaire’s Club and Casino in Kathmandu.

In an ASX announcement on Monday, Silver Heritage said Kaplan brings more than 30 years of experience in the fields of law, corporate finance and investments, primarily in Australia and South Africa. He has been an Australian resident since 1999. From that moment on he has been CEO of investment firm Astoria Investments Ltd and a director of another investment management group, Kingswood Ltd.

The company has been forced to cease management of casino operations at Phoenix International Club in Vietnam, a role that accounted for 45% of the group’s 2018 revenue.

Last June, the Company informed that it needs to meet an AU$2 million (€1.2 million) bond repayment due March 2020 as part of a renegotiated deal with OCP Asia in September 2018. The deal allowed Silver Heritage to repay US$6.8 million of bonds and to get an extension of the maturity date of the remaining US$11.2 million through to April 2021.

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