IPI gets fined by the Commonwealth

IPI gets fined by the Commonwealth

IPI got fined for a late payment of the licence renewal fee.

The Commonwealth Casino Commission fined IPI a total €341k for late payment of the annual casino licence renewal fee.

Saipan.- Imperial Pacific International (IPI) failed to comply with the annual casino licence renewal fee and was punished for it. The Commonwealth Casino Commission (CCC) will fine the company €341k for their 15-days delay.

Edward Deleon Guerrero, executive director of the CCC, told local media that it will set a nearly €22k daily fine. 

The company failed to pay the €13.7 million fee for 15 days. IPI just paid €5 million by the deadline and got until August 27 to complete it. 

“If you count starting from August 12, it amounts to a total of 15 days,” Deleon Guerrero explained.

“I need to bring it to the commission in the September monthly meeting. We need their blessings for the stipulating order,” he said. “The commission needs to review and approve the stipulation but… [the commissioners] have accepted the stipulation and they understand that this is a violation.”

Selling stakes

Imperial Pacific International Holdings Ltd will sell 9.79% of the company to fund its Saipan casino. The company’s controlling shareholder made the decision to help with the cost of the resort, which continues to trouble them.

Guan Lian Capital Holdings Group Ltd got the right to buy 14 billion shares, they told the Hong Kong stock exchange. That’s a considerable amount of the almost 90.76 billion shares it held in Imperial Pacific International Holdings.

Recent developments

Its Saipan casino is soon to open, even as it struggled with worker complaints and strikes. As it plans to open it over the next few weeks, IPI Saipan announced the hiring of 100 Italian workers.

The new workforce will target the facade of the company’s development on the island. IPI Saipan’s new workers arrived on the island over the last few days and will rush to finish the project. Imperial Pacific International Holdings announced it expects to open the casino resort by September 30, 2019.

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