Yak & Yeti’s license revoked for failure to pay Rs 420 million – myRepublica
KATHMANDU: The government has revoked the casino operating license of Yak & Yeti Hotel Limited, Durbarmarg, Kathmandu for failing to pay Rs 420 million in royalties to the government on Wednesday. The Ministry of Culture, Tourism and Civil Aviation had issued a license to operate a casino in the name of the hotel on January 6, 1992.
Minister of Culture, Tourism and Civil Aviation Prem Bahadur Ale has taken the decision to revoke the five-star classification of Yak & Yeti Hotel for non-payment of the fee amount to the state. Minister Ale said that the royalty and license renewal fee to be paid to the government of Nepal was not paid by the hotel according to law.
“In Kumarichowk and Central Arrears Recovery Office records, the company has yet to pay arrears through fiscal year 2020/21, renewal fees for fiscal year 2021/22, royalties of one value of Rs 420 million. The casino’s operating license and hotel-level classification certificate have been revoked in accordance with the law,” he added.
The Ministry has written to the Prime Minister’s Office and the Council of Ministers of the Ministry of Interior to assist in the implementation of this decision. Similarly, a letter was sent to the Ministry of Territorial Planning, Cooperatives and the Fight against Poverty to freeze all real estate in the name of the hotel. Similarly, Nepal Rastra Bank has been requested to block bank accounts and financial transactions of banks and financial institutions that are under the name of the hotel.
According to the Ministry of Tourism, which regulates casinos, the Yak & Yeti hotel has repeatedly been informed of the arrears through letters and public notices.
A letter was sent on October 24 and January 11, with a deadline of 35 days and 15 days respectively, asking the hotel to pay the amount.
The Ministry of Tourism sent a notice to Yak & Yeti Hotels on Wednesday asking the hotel not to operate the hotel and casino until the amount owed is settled.