{"id":28857,"date":"2022-04-11T10:15:21","date_gmt":"2022-04-11T13:15:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28857"},"modified":"2026-04-23T09:43:22","modified_gmt":"2026-04-23T12:43:22","slug":"seized-ipi-funds-to-be-released-to-red-coral-corp","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/seized-ipi-funds-to-be-released-to-red-coral-corp","title":{"rendered":"Seized IPI funds to be released to Red Coral Corp"},"content":{"rendered":"\n

Chief Justice Ramona Manglona has ordered the clerk of court to transfer the $9,387 of funds seized from IPI’s bank account to Red Coral Corp.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.-\u00a0Ramona V. Manglona<\/strong>, the presiding judge of the NMI District Court, \u200b\u200bhas directed the clerk of the court to transfer the $9,386.66 of funds\u00a0seized from IPI\u2019s bank account<\/a>\u00a0to Red Coral Corp. She said the US Treasury Department has completed processing the funds seized from IPI’s Saipan bank account.<\/p>\n\n\n\n

Red Coral had sued IPI for\u00a0failing to pay leases on a 20-unit apartment complex<\/strong>\u00a0between January 2019 and August 2019. On February 12, 2021, the federal court ruled in favour of the company for $150,000 plus post-judgment interest and costs of 9 per cent per annum.<\/p>\n\n\n\n

Following the appeal period, Red Coral, represented by attorney Colin Thompson, filed a second writ petition with the Bank of Saipan for $163,500 in funds owned or controlled by IPI. This amount included\u00a0post-judgment interest accrued to the date\u00a0<\/strong>of not less than $13,500 at 9 per cent per annum.<\/p>\n\n\n\n

The court granted Red Coral’s second execution order ordering the confiscation of Saipan Bank’s IPI funds or currency. The clerk issued the injunction on March 4, 2022, and issued an executive order notifying IPI that it must request an immediate hearing to assert exceptions or other rights to protect its property.<\/p>\n\n\n\n

On March 8, 2022, US Marshals enforced the injunction, and Saipan Bank deposited a check for $9,386.66 in court.<\/p>\n\n\n\n

CCC chair raises doubts over IPI request to finish Garapan casino resort<\/h2>\n\n\n\n

Commonwealth Casino Commission Chairman Edward C. DeLeon Guerrero has questioned IPI\u2019s request<\/a> for another five years to complete its Garapan resort as the company hasn\u2019t provided information on how it will finish the project and where it will get the money from.<\/p>\n\n\n\n

IPI had requested a five-year extension to finish the construction of a new casino in Garapan. However, DeLeon Guerrero asked Tao Xing, senior vice president of marketing and public affairs at IPI<\/strong>, how the Lottery Commission could make a decision if the company doesn\u2019t know how much it would cost and where it will get the money.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chief Justice Ramona Manglona has ordered the clerk of court to transfer the $9,387 of funds seized from IPI’s bank account to Red Coral Corp.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The NMI District Court has ordered the transfer of $9,386.66 from IPI's seized bank account to Red Coral Corp. following a judgment for unpaid leases. Concurrently, the Commonwealth Casino Commission is questioning IPI's request for a five-year extension to complete its Garapan casino resort, citing a lack of financial transparency regarding project costs and funding sources.","focusai_entities":"IPI, Red Coral Corp., Ramona Manglona, Ramona V. Manglona, US Treasury Department, Colin Thompson, Bank of Saipan, US Marshals, Commonwealth Casino Commission, Edward C. DeLeon Guerrero, Tao Xing","focusai_location":"Northern Mariana Islands, Saipan, Garapan","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"IPI Financial Stability Impact?","query":"What are the broader implications of IPI's financial distress and regulatory non-compliance for the NMI's iGaming market and its attractiveness to new capital?"},{"label":"CCC Regulatory Framework?","query":"How will the Commonwealth Casino Commission's current scrutiny of IPI's project extension impact future licensing and governance frameworks for other operators in the jurisdiction?"}],"footnotes":""},"categories":[16336,163],"tags":[14213,22674],"class_list":["post-28857","post","type-post","status-publish","format-standard","hentry","category-australasia-news","category-finance-news","tag-imperial-pacific","tag-ipi"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28857"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28857\/revisions"}],"predecessor-version":[{"id":28862,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28857\/revisions\/28862"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}