CNMI court denies motion to appoint receiver for IPI sale

CNMI court denies motion to appoint receiver for IPI sale

Fanter Corporation had filed a motion for the appointment of a receiver for the sale of IPI’s property.

Northern Mariana Islands.- Chief Judge Ramona V. Manglona of the District Court for the NMI has denied USA Fanter Corp’s motion to choose a beneficiary for the sale of Imperial Pacific International LLC’s physical property. She said she will rather give a restricted arrangement of receivership within 24 hours

USA Fanter had sued IPI for its inability to pay the full amount under its construction contract for labour and materials provided for the improvement of IPI’s property. According to Mariana’s Variety, IPI paid USA Fanter US$300,000 while the unpaid balance was around $2m

In August 2021, Judge Manglona conceded the solicitation of USA Fanter to select Hong Kong-based Clear Management Ltd. to regulate, gather, or sell any club gaming property in which IPI has an interest, and to play out other demonstrations needed to fulfil a judgment of US$2m.

On September 9, USA Fanter, through lawyer Colin Thompson, requested the court name a beneficiary for IPI, this time, for the offer of genuine property. However, IPI lawyer Stephen Nutting argued against the move, saying that USA Fanter “fails entirely to indicate why its already appointed receiver is not adequate to provide a basis for the extraordinary relief sought.”

CCC seeks revocation of IPI casino licence

Andrew Yeom, CCC’s executive director, has called for Imperial Pacific International’s (IPI) gaming licence to be permanently revoked. According to Yeom, IPI failed to comply with CCC’s final order in four enforcement actions that were entered over five months ago.

Imperial Pacific International’s (IPI) gaming licence has already been suspended indefinitely as the operator failed to comply with regulatory orders. The Commonwealth Casino Commission board ordered IPI to pay a penalty of US$6.6m, an annual casino exclusive licence fee of US$15.5m and annual casino regulatory fees of US$3.1m.

However, according to Yeom, the casino operator failed to pay the US$3.1m casino regulatory fee on Oct. 1, 2020, and subsequently on March 3, 2021. The company also failed to pay the US$15.5m annual exclusive casino license fee on Aug. 12, 2020, and subsequently on Aug. 12, 2021.

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Imperial Pacific land-based casino