CCC grants 10 days to seal settlement agreement with IPI

CCC grants 10 days to seal settlement agreement with IPI

Executive director Andrew Yeom says an agreement is near.

Northern Mariana Islands.- The Commonwealth Casino Commission (CCC) has granted a 10-day extension for negotiations with Imperial Pacific International (IPI) as it seeks to finalise a settlement agreement. Executive director Andrew Yeom requested the extension in a bid to resolve issues surrounding IPI’s gaming licence and outstanding regulatory fees.

Vice chair Rafael S. Demapan approved Yeom’s request, extending the deadline to April 22. Demapan expressed optimism that this would be the final extension. Yeom said the parties were negotiating the terms of the proposed settlement agreement under which IPI would pay US$24m this year. This includes a US$3.1m payment for its 2020 regulatory fee by April 22. 

The company has reportedly agreed to pay US$6.8m as discounted arrears for regulatory fees from 2021 to 2023, along with a US$2m discounted penalty. Another US$1.1m would be paid on October 1, 2024, for the 2024 regulatory fee, with the remaining balance deferred pending legal considerations.

In exchange, IPI has agreed not to challenge the CNMI Legislature or the government regarding gaming statutes. Yeom said IPI would dismiss current lawsuits against the CCC and Gov. Arnold I. Palacios with prejudice immediately. According to The Saipan Tribune, the company has also committed to forfeiting its licence and relinquishing its right to appeal any decisions made by the CCC. 

See also: CNMI seeks new casino commissioners

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Imperial Pacific International