Two Indian nationals acquire Casino Anna
KATHMANDU, JUN 20 -
The beleaguered owner of the Nepal Recreation Centre (NRC) that runs four casinos in Nepal, Rakesh Wadhwa, is gradually losing grip on his casino business in Nepal.
Wadhwa, who recently lost his control over Casino Royale and Casino Shangri-La, is also losing Casino Anna. According to sources, Annapurna International that runs Casino Anna in Hotel Annapurna has been acquired by Indian nationals Ashok Wasan and Arun Singh Thakur—Wadhwa’s business partners. Wasan and Thakur along with general manager Tapta Bahadur Bista have taken the full ownership of Annapurna International disintegrating from NRC.
According to a source, the new players have agreed to clear all outstanding dues of the casino. Casino Anna has to pay around Rs 110 million to the government. “It also has Rs 320 million additional dues to be paid as salaries to its staffers, rental fees to hotels and supplies,” the source said, adding that the new group will pay all the dues. Wadhwa has been absconding ever since the police issued an arrest warrant against him.
Wadhwa had chosen Wasan and Thakur as business partners and entrusted them with the responsibility of the casino management in January. However, after realising that his partners are hatching a conspiracy against him by acquiring the ownership of Annapurna International, he issued a notice on Saturday saying that the trio has been removed from the casino management. The notice reads Wasan, Thakur and Bista were chosen his business partners on a condition that they will clear Anna’s dues, but they failed to do so. Therefore, they have been removed.
Adding to Wadhwa’s woes, the Ministry of Tourism and Civil Aviation on Saturday issued a seven-day ultimatum to NRC to clear its dues or lose its operating licence.
According to the notice, if NRC fails to clear the dues within the stipulated time, its operating licence will be cancelled. The government’s decision came amid NRC’s repeated refusal to clear the dues. NRC, in a letter to the Department of Revenue Investigation (DRI) two weeks ago, had said hotels housing the casinos should own the responsibility of clearing the royalty dues.
Wadhwa was brought in by RD Tuttle, founder of the casino business in Nepal, as a financial controller. Within two decades, he rose through the ranks to become the boss. In a bitter battle, Wadhwa toppled Tuttle and took control of NRC in 2007.
When the government opened new licenses for casinos in early 1990s, Tuttle opened casinos at Hotel Everest, Hotel Annapurna and Hotel Yak and Yeti. The job of managing Casino Everest at Hotel Everest was given to Wadhwa. His influence in the casino business increased when Tuttle asked him to manage the ailing Casino Royale in 1997. When Wadhwa took over Tuttle, seven casinos were under NRC.
Source: Kantipur
The beleaguered owner of the Nepal Recreation Centre (NRC) that runs four casinos in Nepal, Rakesh Wadhwa, is gradually losing grip on his casino business in Nepal.
Wadhwa, who recently lost his control over Casino Royale and Casino Shangri-La, is also losing Casino Anna. According to sources, Annapurna International that runs Casino Anna in Hotel Annapurna has been acquired by Indian nationals Ashok Wasan and Arun Singh Thakur—Wadhwa’s business partners. Wasan and Thakur along with general manager Tapta Bahadur Bista have taken the full ownership of Annapurna International disintegrating from NRC.
According to a source, the new players have agreed to clear all outstanding dues of the casino. Casino Anna has to pay around Rs 110 million to the government. “It also has Rs 320 million additional dues to be paid as salaries to its staffers, rental fees to hotels and supplies,” the source said, adding that the new group will pay all the dues. Wadhwa has been absconding ever since the police issued an arrest warrant against him.
Wadhwa had chosen Wasan and Thakur as business partners and entrusted them with the responsibility of the casino management in January. However, after realising that his partners are hatching a conspiracy against him by acquiring the ownership of Annapurna International, he issued a notice on Saturday saying that the trio has been removed from the casino management. The notice reads Wasan, Thakur and Bista were chosen his business partners on a condition that they will clear Anna’s dues, but they failed to do so. Therefore, they have been removed.
Adding to Wadhwa’s woes, the Ministry of Tourism and Civil Aviation on Saturday issued a seven-day ultimatum to NRC to clear its dues or lose its operating licence.
According to the notice, if NRC fails to clear the dues within the stipulated time, its operating licence will be cancelled. The government’s decision came amid NRC’s repeated refusal to clear the dues. NRC, in a letter to the Department of Revenue Investigation (DRI) two weeks ago, had said hotels housing the casinos should own the responsibility of clearing the royalty dues.
Wadhwa was brought in by RD Tuttle, founder of the casino business in Nepal, as a financial controller. Within two decades, he rose through the ranks to become the boss. In a bitter battle, Wadhwa toppled Tuttle and took control of NRC in 2007.
When the government opened new licenses for casinos in early 1990s, Tuttle opened casinos at Hotel Everest, Hotel Annapurna and Hotel Yak and Yeti. The job of managing Casino Everest at Hotel Everest was given to Wadhwa. His influence in the casino business increased when Tuttle asked him to manage the ailing Casino Royale in 1997. When Wadhwa took over Tuttle, seven casinos were under NRC.
Source: Kantipur
