More IPI assets to be sold to settle debts

Imperial Pacific continues to face major economic problems.
Imperial Pacific continues to face major economic problems.

Chief Judge Ramona V. Manglona has approved a new auction of IPI assets to settle debts of over $5m from two lawsuits.

Northern Mariana Islands.- Assets belonging to Imperial Pacific International (IPI) will continue to be sold in order to settle sums due through lawsuits.

Chief Judge Ramona V. Manglona has issued an execution in favour of seven construction workers who sued IPI for labour violations. IPI was ordered to pay them $5.9m.

According to Saipan Tribune, the other lawsuit was brought by Ping Shun Corp, which was awarded $443,900.50.

Last week, IPI was ordered to sell its vehicles and gaming machines to comply with a $2.1m judgement in favour of construction firm USA Fanter.

The Commonwealth Casino Commission has ordered the suspension of Imperial Pacific International’s gaming licence until the company meets the required payments.

Concerns over second casino licence

Two minority bloc members, Edith Deleon Guerrero and Paul A. Manglon, have written a letter expressing their concern regarding a bill to authorise a second casino licence if IPI’s exclusive licence is revoked.

The new bill states: “If the exclusive casino license is revoked, the CNMI should take the opportunity to overhaul the casino industry by revisiting the casino statutory provisions and regulations to improve the industry.”

In June, Andrew Yeom, the CCC’s executive director, said: “It would be better for us [if there are other casinos], but we only have one exclusive licensee.”

He said money from the government “may be enough for personnel and operations costs for now, but it won’t last long.”

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