Indian Investor Takes Over Casino Kingdom in Nepal

In a fierce and sometimes bitter fight for control, Nepal Recreation Center, a company that owns Nepals chain of eight casinos, Rakesh Wadhwa has emerged as the victor in the battle.

Wadhwa holds stake in floating casinos in Goa, and is a finance whiz who comes from Delhi. He previously operated casinos in Sri Lanka before they were shut down by the government.

American Richard D. Tuttle was Wadhwa's mentor and partner and the two were in business with NRC through Cannosa, which was the Hong Kong registered company that owned the NRC.

Wadhwa ran two of the eight casinos, with his wife running a third, however, the company fell into debt and when it was found out this year that Cannosa, which held 80% shares in the NRC, no longer existed.

Tuttle had been applying annually for an extension of his visa under Cannosa's resident representative. Earlier this year, he was investigated by immigration authorities and his visa was taken away.

At that point, Wadhwa went looking for the shares that previously sold by Tuttle, and found them, in a company also registered in Hong Kong, Dartford. He then bought back the shares and applied to have Cannosa newly registered.

Once that occured, he owned 99% of Cannosa, and became the majority owner in the NRC.

June 25, 2007
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!

New Report Expects Global Gambling To Increase Signifigantly
Seminoles Out-Dueling Other South Florida Casinos
WinnaVegas Casino To Receive a Facelift Costing $30 Million
Worldwide Gambling Revenues Predicted at $125 billion by 2010
Gambler Sues Casino in Australia After Losing His Money