Regulator orders IPI to maintain 3 months working capital

Imperial Pacific International
Imperial Pacific International

The Commonwealth Casino Commission has adopted an order requiring Imperial Pacific to maintain enough working capital to pay three months of wages in a bank either in the Commonwealth of Northern Mariana Islands or U.S. bank, local media reports.

The commission also told the company to appoint a new CEO within 15 days. It said it has been urging the company to appoint a CEO, even if only on a temporary basis, since the departure of Mark Brown.  

IPI senior vice president Tao Xing said IPI can appoint a CEO right away, but given the COVID-19 pandemic situation, it’s difficult to have that person on board.

Hundreds of Imperial Pacific International workers stopped work and engaged in protests on the streets of Saipan this week, decrying the non-payment of their wages and poor conditions in their dormitories and at the construction site.

Carrying signs with messages such as “We Want to Get Paid” and “Open Back the IPI Bank Account,” the workers appealed for their money, many of them explaining that their families back in their various home countries were depending on them.

The workers explained to the media that salary payments started to become irregular from about two months past, and many workers have received nothing at all for the past two weeks.