The administrators of Australia-listed casino operator Silver Heritage Group Ltd said in a Friday filing that they had “returned” control of the company to a new slate of directors, following the takeover by HatchAsia Inc.
In November, Philippines-based HatchAsia said it had obtained from Australia’s Foreign Investment Review Board a “letter of no objection” to its plan of acquiring – via a subsidiary – a 92-percent interest in Silver Heritage.
Silver Heritage developed the casino property Tiger Palace Resort Bhairahawa (pictured in a file photo), on Nepal’s border with India.
According to Friday’s filing, administrators from professional services firm KPMG said a deed of company arrangement had “now been fully effectuated … and has terminated,” with control of the company now “returned to the newly appointed directors.”
Australia s foreign investment regime
There is no specific regime relating to venture capital investment. Australia has a foreign investment regime which applies to certain acquisitions. The Australian Government’s foreign investment regime, generally speaking, encourages foreign investment in Australia. The regime consists of the
Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA), associated legislation and various regulations. The regime is also supported by Australia s Foreign Investment Policy (Policy) and around 50 guidance notes released by the Foreign Investment Review Board (FIRB), which are updated from time to time. The Australian Treasurer administers the FATA with the advice and assistance of FIRB.
Under Australia s foreign investment regime, foreign persons are required to notify FIRB of certain transactions and obtain clearance before proceeding with certain transactions. Voluntary notifications can also be made in certain circumstances.
Can Australia Restore Trade with China in a Hostile Political Environment?
Australia s new Trade Minister will need to navigate the treacherous terrain between trade and geopolitics, which will not be easy given the countervailing forces at work within the Morrison government. These are driving decisions to lower the curtain on significant Chinese investments in the Australian economy.
The new trade minister, Dan Tehan, has been handed one of the Morrison government’s most demanding roles. Despite a lot of chest-thumping in government circles about the need to stand up to “Chinese bullying”, Tehan’s task will be to find a way to restore a constructive trading partnership with China in the national interest.
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