Silver Heritage secretary resigns amid biz review

Jun 09, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  

---

The recently-appointed administrators of Australia-listed boutique casino operator Silver Heritage Group Ltd said on Tuesday that the company’s secretary has resigned “with effect from close of business on 1 June 2020”. Kim Clark had been in the position since July 2016, according to company information.

Monday’s filing to the Australian Securities Exchange also said that consent had been withdrawn for Silver Heritage “to use its previous registered” corporate address.

The latest announcement was signed by Amanda Coneyworth, one of the two administrators appointed by professional services firm KPMG. The pair now control Silver Heritage’s operations. The casino operator said in late May that it was “insolvent” or “likely to become insolvent”, and that the administrators were now to assess the group’s financial position.

Silver Heritage owns and operates the casino property Tiger Palace Resort Bhairahawa (pictured in a file photo) on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal.

The group’s casino operations have been shuttered since late March, and the company had already been implementing “cost-reduction strategies” amid the negative impact on its operations from the Covid-19 pandemic.

In May, Silver Heritage said that its main lender had appointed two people from business advisory firm FTI Consulting as receivers and managers of the company. The group had stated the receivers “would be working closely with all relevant stakeholders to determine the best course of action and to ensure the continuation of the underlying business while strategic options are being explored”.

---

---