Former IPI junket operator is now part owner IPI Holdings
Super Champion has transferred convertible notes to Dong Jiming, owner of High Tides.
Northern Mariana Islands.- A former Imperial Pacific International junket partner has become a co-owner of IPI Holdings. IPI (CNMI) saus one of its shareholders, Super Champion, had exercised its rights to transfer convertible notes for an amount of HK$187.5m (US$24m) to Dong Jiming, owner of High Tides.
High Tides obtained a junket operator licence from the Commonwealth Casino Commission in 2019. However, in April 2021, the Casino Commission suspended the junket operator’s licence in response to an April 8, 2021 letter from Governor Ralph DLG Torres in which he expressed his concerns about the junket operator programme.
IPI management reported the sale to the CCC, which monitors the movements of IPI Holdings’ shares on the Hong Kong Stock Exchange.
Andrew Yeom, the CCC’s executive director, noted that it “may oppose any new owner if it finds that he or she is not suitable for the committee.”
However, he added that “the CCC has not found any detrimental issue with Mr. Dong Jiming at this time, and we will report to you if we find any issue with him in the future. For now, this transaction is good to go unless we find otherwise.”
Currently, Chinese businesswoman Cui Lijie holds a 58.58 per cent stake in IPI Holdings but the recent issuance has reduces her stake.
CNMI court approves stay agreement between IPI and construction workers
Imperial Pacific International (IPI) has been informed that a stay agreement has been approved by Chief Justice Ramona Manglona after the casino operator and seven construction workers signed an agreement to stay enforcement action.
The seven workers had sued IPI for alleged labour violations and human trafficking. On May 26, 2021, Judge Manglona had issued a default judgment in favour of the workers, as well as post-judgment interest and attorney fees totalling $5.9m. IPI appealed to the US Court of Appeals for the Ninth Circuit after its motion for reconsideration was rejected.
IPI was granted an initial appeal bond of $1m on February 11 and paid the plaintiff’s legal fees to their counsel on February 9.
