The parent company of beleaguered Saipan operator Imperial Pacific International, Imperial Pacific International Holdings Limited, has been hit with two separate petitions regarding outstanding judgement payments, and is currently “considering its options and seeking professional advice,” according to an October 11 filing.
Per the filing, the first petition was filed in the High Court of the Hong Kong SAR on September 14 by Guan Chubin. The payment in question was for US$2.66 million, in addition to interest and fees. A hearing has been set for November 22.
The second petition was filed October 3 by Wang Yi, and the payment in that case amounted to US$677,700—that hearing is scheduled for December 6.
IPI did not disclose details surrounding the judgements, and noted that no winding-up order has been filed as of yet. However, the company did disclose to shareholders that should a wind-up order be authorized, “any disposition of the property of the company, including things in action, and any transfer of shares of the company, or alteration in the status of the members of the company, made after the commencement of the winding up, shall, unless the court otherwise orders, be void.”
Two members of the IPI board of directors have stepped down in recent weeks, and the company disclosed that it is assessing “the impact of the petitions on the business operations and financial position of the Group.”
In addition to the petitions, the company is also facing an upcoming hearing with the Commonwealth Casino Commission (CCC) regarding the revocation of its casino license due to compliance issues. IPI and the CCC have been embroiled in proceedings since April 2021, when the operator’s license was first suspended.
The CCC’s complaints against IPI include failures to pay annual license and regulatory fees, insufficient community benefit contributions and insufficient capital requirements. IPI’s Imperial Palace casino in Saipan has been closed since March 2020, and its assets have been subject to auctions and repossessions.
