Controversy over Century Estate loan to IPI
Media reports have revealed that the representative of the lender was a board member of the casino operator.
Northern Mariana Islands.- It has been reported that Xu Zhongxiao, a representative of Imperial Pacific International (IPI) creditor Century Estate Investment was a member of IPI’s board of executive directors. Century Estate Investment loaned US$9m to IPI on December 15, 2022 with Xu acting as the signatory and representative.
According to Mariana’s Variety, the loan was structured in three instalments. The first payment of US$3m was scheduled for April 15, 2023, followed by the second on August 15, and a final instalment set for December 15. IPI included its properties as collateral.
Century is seeking to intervene in receivership proceedings related to a lawsuit filed by Joshua Gray against IPI. It is contesting Gray’s petition to appoint a receiver to sell IPI’s assets, asserting its status as a secured creditor with first priority.
