'Two foreigners at duel' in Nepal's casino war
Feb 14, 2007 - 11:48:45 AM
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Following the complaint, Nepal's department of industry has reportedly asked the immigration department to scrutinise the status of Tuttle's visa. However, the American remained unfazed. 'I have no doubts about my visa,' he said. 'I still hold 12 percent of NRC shares in my own name.'
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By Sudeshna Sarkar, IANS,
[RxPG] Kathmandu, Feb 14 - The chips continued to be down for Nepal's casino industry, a major tourist attraction, with fresh battle erupting between two of its principal expatriate forces.
The news of the new war was immediately picked up by the kingdom's local media with glee Wednesday.
'Two foreigners at duel,' the Jana Aastha weekly reported. 'Casino pasha's visa under scrutiny' said the Himalayan Times daily.
The 'duel' between Nepal's 'casino king' American Richard D. Tuttle and his former friend and protege Indian businessman Rakesh Wadhwa began early this year. The pair, who had run casinos together in Sri Lanka and Kyrgyzstan, fell out recently, causing a flurry in Nepal's casino industry.
Nepal has eight casinos - seven in capital city Kathmandu and an eighth one in the sunny tourist city of Pokhara - all of which are run by the same company, Nepal Recreation Center -.
Tuttle heads the NRC as its chairman while Wadhwa, a chartered accountant, operates two casinos in the network. His wife Shalini Wadhwa runs a third casino in the capital. The row broke out after Tuttle asked Wadhwa to leave Casino Yak and Yeti and the Indian refused.
The NRC tried to take control of the casino by force twice and failed, with the last attempt bringing down the police.
Now in an apparent bid to block further attempts by NRC, Wadhwa's lawyers Monday registered a complaint with the Nepal authorities, alleging NRC was being run in the name of a company that has been defunct for years.
It also raises questions about the validity of Tuttle's Nepal visa.
According to the complaint, a Hong Kong firm, Cannosa Investment, held 80 percent of the stakes in NRC. Tuttle had a majority share in Cannosa. However, in the late 90s, Cannosa was sold to another Hong Kong company and was dissolved.
Following the complaint, Nepal's department of industry has reportedly asked the immigration department to scrutinise the status of Tuttle's visa. However, the American remained unfazed. 'I have no doubts about my visa,' he said. 'I still hold 12 percent of NRC shares in my own name.'
While the ensuing publicity is not good for business, Tuttle said the dispute would not affect the work of the casinos. 'Wadhwa runs three of them while the remaining five are managed by NRC,' he said.
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