Century Estate’s director says the company provided US$19m.
Northern Mariana Islands.- Century Estate Investment’s director, Zhongxiang Xu has said that the company extended loans totalling US$19m to IPI. He made the claim in a federal court declaration supporting Century Estate’s motion to intervene in Joshua Gray’s lawsuit against IPI.
According to Mariana’s Variety, the transactions were recorded at the CNMI Recorder’s Office on December 21, 2022, and July 3, 2023. Century Estate agreed to extend two loans, one for US$9m and the other US$10m. IPI provided various assets as collateral.
It has been revealed that Xu was a member of IPI’s board of executive directors. Due to this, Joshua Gray has filed an opposition to the intervention motion requested by the creditor of IPI. Gray, represented by attorneys Aaron Halegua and Bruce Berline, contends that Century Estate has not demonstrated a valid claim to intervene.
The dispute is scheduled for a hearing before US District Court for the NMI chief judge Ramona V. Manglona on October 26.