Clear Management seeks release of US$43K in expenses for IPI auctions

Clear Management has yet to receive an order for its earlier request to receive its commission for IPI’s second and third auctions.

Northern Mariana Islands.- Imperial Pacific International’s receiver, Clear Management, has filed a request for the disbursement of funds held in an escrow account for expenses incurred from December 8, 2022, to February 28, 2023.

The amount being requested is US$43,533. Clear Management’s expenses for the period have already been approved by the court, and the receiver has now submitted supporting documentation.

The expenses are associated with the sale of IPI’s gaming equipment. The court has scheduled a hearing on the disbursement of funds for April 6 at 10am. The court has yet to issue an order regarding Clear Management’s earlier request to release its commission from IPI’s second and third auction sales. Clear Management’s commission on sales is US$35,424.92.

The auctions relate to USA Fanter’s case against IPI for its failure to pay US$2.08m for construction work on the VIP wing and exterior of its hotel-casino in Garapan. According to Mariana’s Variety, IPI paid USA Fanter only US$300,000, and the unpaid balance due was not less than US$2,089,345.28. Judge Manglona has issued a final judgment in favour of USA Fanter.

Meanwhile, Cui Lijie, the majority owner of Imperial Pacific International (IPI), said she is seeking new investors to help reopen the operator’s Garapan casino resort. In an interview with Mariana’s Variety, she admitted that investor interest had fallen off due to negative stories about IPI but said the company was doing all it can to improve the situation.