IPI controlling shareholder reduces stake in the company

Inventive Star, the controlling shareholder of Imperial Pacific International (IPI), is disposing of around 4.9 percent of the issued share capital of the company, bringing its total stake in IPI to around 58.6 percent. 

IPI is the operator behind the Imperial Pacific Hotel & Resort, located in Saipan. No reason was given for the disposal. 

Earlier this week, IPI Vice-President for Construction Eric Poon told local media that he expects Phase 1 of the resort hotel construction to be completed by December 31 this year. 

Poon also noted that the next three phases are expected to be completed a year later, by December 31, 2020.

The company has recently become involved in an investigation involving IPI and Gov. Ralph DLG Torres – with relation to cash transactions and/or donations to the governor and his friends in 2013 and beyond. 

IPI has also been battling with worker disagreements. Last month, IPI had 314 Taiwanese and 150 Mongolian construction workers – but most of the Taiwanese workers have already left due to a wage dispute. 

SHARE
Previous articleChinese tourist growth slowed by HK protests
Next articleNSW launches funding scheme for responsible gambling research

Related Articles

IPI gets six-month extension to pay US$20 million

The Imperial Pacific casino has been been given a six-month extension for payment of US$20 million it owes the Northern Marianas government.

IPI has no right to avoid self-incrimination

A District Court for the NMI declared that Imperial Pacific International has no 5th Amendment right to avoid self-incrimination as she denied the firm's request to suspend the court proceedings in the lawsuit of seven construction workers who have alleged labor and other violations.

Commonwealth Casino Commission claims control over license revocation

Commonwealth Casino Commission Chairman Edward Deleon Guerrero claims that his body is the only one authorized to suspend or revoke the gaming license of Imperial Pacific International.
IPI asks to pay its overdue casino license fee in installments

IPI asks to pay its overdue casino license fee in installments

Cash-strapped Imperial Pacific International is making yet another proposal to the CNMI government; this time to allow it to pay its US$15 million annual casino license fee in installments. IPI has also requested that its license fee be slashed by 50 percent, include a smaller contribution to the community benefit fund, and provide for an […]
indecision over IPI

CNMI governor signals his indecision over IPI

CNMI Governor Ralph Torres has signaled his fundamental lack of direction on the question of how to handle Imperial Pacific International and its inability to meet its financial commitments. Although the governor had issued an official letter just last month informing the firm of his intention to suspend or revoke its casino license as a […]
Tax Office to trump Pacific Rim in IPI spoils

Tax Office to trump Pacific Rim in IPI spoils

A $9.4 million claim by the Commonwealth of Northern Marianas Islands’ tax department should come before the claims of former contractor Pacific Rim Development in a legal dispute, local media reports the Office of the Attorney General as saying.

IPI trying to hold on to its foreign workers

Imperial Pacific International Senior Vice-President of Public Affairs Tao Xing has told the government authorities in CNMI that the firm is extending the contract of some of their 260 foreign workers to allow the possibility of reopening in future months. These workers are employed under a special CNMI-Only Transitional Worker Program, using a so-called CW-1 […]

IPI claims CNMI government breached casino license

Perhaps figuring that a good offense is the best defense, Imperial Pacific International has taken the remarkable step of accusing the CNMI government of breaching its casino license in an attempt to divert blame from its inability to pay its US$15.5 million annual licensing fee. IPI Chief Executive Officer Donald Browne addressed a letter to […]

CNMI governor informs IPI license will be suspended or revoked

CNMI Governor Ralph Torres has issued a letter to Imperial Pacific International informing the firm of his intention to suspend or revoke its casino license as a result of its failure to pay its US$15.5 million annual license fee. IPI CEO Donald Browne has earlier informed the government that it was currently unable to pay […]

Commonwealth Casino Commission disappointed by IPI

Chairman of the Commonwealth Casino Commission Edward DeLeon Guerrero has issued a public statement expressing disappointment in Saipan casino operator Imperial Pacific International. “IPI needs to fulfill its obligations,” the statement begins, “not only to the people of the CNMI, but also to their employees, vendors, and other parties who are contracted to work with […]