Silver Heritage Group Appoints Receivers to Assess Value of its Assets

Silver Heritage Group revealed on Wednesday that Hon⭕g Hong-based hedge fund OCP Asi🦹a has appointed John Park and Joseph Hansell of FTI Consulting to determine the best course of action for the business.

It lo🐭oks likely that the sale of all or part of Silver Heritage's businesses will be sold, leaving its Nepal operat🦹ions under threat.

The sale of Tiger Palace Resort Bhairahawa, near the border of India’s most populous state Uttar Pradesh, and The Millionaire's Club in Kathmandu, had been mooted even before the coronavirus pandemic shut them down last month. That led the company to declare it was undertaking cost-cutting measures.

On Monday Silver Heritage Group an🐼nounced it had entered voluntary administration with global professio✱nals services company KPMG named as administrators.

OCP Asia provided US$1 million in funding to Silver Heritage in April but haꦛs refused to inject fresh funds.