A Hong Kong court has ordered listed company Imperial Pacific International (IPI) – the parent company of Saipan casino operator Imperial Pacific International (CNMI) LLP – to be wound up, with a provisional receiver appointed.
The order was issued on Monday by the High Court, some seven months after IPI received two winding up petitions for alleged failure by the company to settle judgement amounts totalling more than US$3 million. IPI, whose shares have been suspended since April 2022, did not make any comment on the winding up order.
Ironically, however, the order comes less than a week out – assuming no more delays – from Saipan’s Commonwealth Casino Commission (CCC) making its long-awaited decision on whether to revoke IPI’s casino license, which has also been suspended since April 2022.
Local media reported last week that IPI has put forward a last-ditch settlement agreement under which it says it will pay US$24 million to the CCC in 2024. Negotiations between the company and the regulator on that matter are said to be ongoing.
RelatedPosts
