Imperial Pacific International (IPI) has had its winding up petitions in Hong Kong court delayed yet again, with the date now pushed back to January 31st.
In a Wednesday filing with the Hong Kong Stock Exchange, the group notes that leave has been granted for one of the two winding up petitions to be amended, with the most recent date of the hearing – January 17th – now delayed to January 31st.
Two winding-up petitions have been leveled by parties in the High Court of Hong Kong.
Petition 1, for which the hearing has been delayed to January 31st, relates to a claim by Guan Chubin ‘on the basis of the alleged failure by the company to settle the judgment amount’ totaling HK$22.83 million ($2.92 million). The petition was originally scheduled to be heard on November 22nd, 2023.
The second petition was filed by Wang Yi with the SAR’s High Court and relates to failure of settlement of some HK$5.3 million ($679,000). The petition was originally scheduled for December 6th of 2023 but was deferred to January 17th.
No winding up order has yet been granted by the High Court of Hong Kong.
IPI is also facing uncertainty over its future due to some $62 million it allegedly owes in casino license fees to the Commonwealth of Northern Mariana Islands (CNMI), relating to almost four years of its annual casino license fees. The payment was due on December 30th, 2023, but no resolution has yet been indicated.
The Saipan casino operator is also facing claims exceeding $21 million from judgement creditors in both federal and local courts in the United States.
