Kathmandu:  Banks are now having a headache as about Rs 2.5 billion invested in Tiger One Resort in Bhairahawa, popularly known as Tiger Palace, is at risk.  The resort, which was built by encroaching on government land, has not been able to come into operation due to financial irregularities and other various problems and the investment in it is also at risk.

As Prime Commercial Bank is the main investor and Rs 2.5 billion invested in collaboration with other banks is at risk, other stakeholders are now urging the banks to take loans from NRB. The public money in the banks is also at risk when the Tiger One Resort project is in trouble.

Although operated under the auspices of the Silver Heritage Group, Tiger One was later operated as an independent.  The company's status as an investment of USD80 million was reduced to 12m in ASX Australia as it lost its credibility by hiding its opaque activities and legal and labor issues while working in Nepal.  The share price, which was 0.47 cents per share, fell to 0.010 penny. The Silver Heritage (SVH) listed on the Sydney Stock Exchange during mid second decades of 2000 to 2017 has also been declared bankrupt.

Knowing all this, NIBL ​​Bank wanted to repay its loan from Tiger One and move away from the role of Lead Bank.  But the bank was stopped from doing so by other banks.  At that time, only Rs 1.5 billion was sanctioned, of which NIBL was the main lender.  Even after withdrawing from the main bank, he still has a loan of Rs 300 million in the resort.

Meanwhile, GP Rajbahak, a chartered accountant and consultant in the role of lender, persuaded Prime Bank to invest in Tiger One as a leading bank.  After Prime Bank became the lead bank, the loan was restructured to Rs 2.5 billion by increasing the loan by Rs 1 billion.  Sources claim that they have already spent about Rs 2 billion by withdrawing Rs 2 billion from the bank, even though it was said that they would work for the expansion of the resort by approving an restructured loan.

Meanwhile, sources say that Rs 650 million has been paid in Hong Kong to those who supply resort goods.  The issue of paying the amount through hundi outside Nepal without the approval of NRB has now become complicated.  According to a source, the Anti Money Laundering Department has also started further investigation in this regard.

With local leaders and businessmen in Karki's unnatural activities!

Rupendehi has been given the responsibility of handling the central leadership of NC and UML through tourism entrepreneur CN Pandey and local tractor entrepreneur Bal Krishna Bhusal.  Tilottama Congress secretary Shiva Gaire, Tilottama UML leaders Shyam Kharel, Chandramani Poudel, Tilottama Chamber of Commerce and Industry president Madhav Bhandari are trying to put pressure on their parties and industry leaders to fulfill the wishes of former ambassador Karki.  At present, the condition has been put forward to settle the issue of Tiger through the officials of Bhailubhuj and decide on the government encroached land.

Earlier, Karki had been active in selling the same company from the United States.  Khagendra GC, who lives in the US, and Karki are trying to secure their share in the resort through a small group of NRNs.  According to a source, Silver Heritage CEO Mike Bolsover’s friend and Karki's daughter a new close friend of Amy Brennell, the company's Nepal representative meet at the party day and night.

In this case, Karki has been walking around and says that many of his friends are in high positions in the USA and SHL has US Senate interest! A source said that no matter how much confusion there is, no US senator has invested in Silver Heritage.

According to a Baluwatar source, the Prime Minister is also angry with Karki after some UML leaders informed him about the same misconceptions spread by Karki.
Experts say that many independent investors have been put at risk of around USD60 million out of its 80 by giving false briefings to the Prime Minister and intimidating the general public by covering up all illegal activities. As OCP Asia (the most expensive lender charges 15% of interest rates in dollar lending whereas nepali banks are charging 8.5%) has jointly surrendered the collateral, the secret of saving the jobs of its foreign employees and CEO has also been revealed.

Karki, who spent six years in the diplomatic field as an NGO, is now embroiled in controversy as he sees his future in industry and business in Nepal. Similarly, Mr. GC the New York based brokers, claims that his old connections in Nepal would easily serve the interests of the clients as he believes the disputes with labors and legal battles can also be solved as and when he wants. 

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