CCC monitoring IPI assets after auction delayed

IPI has until December 15 to reach an agreement to avoid the auction of its assets.
IPI has until December 15 to reach an agreement to avoid the auction of its assets.

Andrew Yeom, CCC’s executive director, said the regulator is closely monitoring Imperial Pacific International’s assets.

Northern Mariana Islands.- Andrew Yeom, the executive director of the Commonwealth Casino Commission, has said that the regulator is keeping a close eye on Imperial Pacific International assets following the postponement of a possible auction. He said the CCC’s Information Technology and Enforcement & Investigation team “has been monitoring daily all of the movements involving IPI’s gaming assets for auction”.

The first of the six auctions was originally scheduled to be held on November 30, however, the receiver Clear Management Ltd has postponed the auction for 30 days after IPI requested more time to settle a lawsuit with a former contractor. The sale will be cancelled if IPI can reach an agreement before December 15.

The auction was ordered after USA Fanter sued IPI for failing to pay the full contract for labour and materials provided for the improvement of IPI’s property.

Yeom said: “Our team and myself included, have been constantly communicating with the court-appointed receiver Clear Management team…to collectively manage the movement of these IPI’s assets as carefully as possible leading up to the auction.”

Yeom said the CCC plans to follow all of the items that will be sold through the auction by obtaining copies of the bills of sale. 

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CCC Commonwealth Casino Commission Imperial Pacific