The Saipan casino operator Imperial Pacific International (IPI) has decided to proceed with Judicial Review (JR) Proceedings against the delisting decision made by the Hong Kong securities regulator.
According to the filing on Wednesday, one day before the slated delisting date, the embattled IPI stated that it is currently seeking legal advice on viable grounds for the Company regarding the leave application under the JR Proceedings.
The filing also reveals that in a reply to IPI, the Stock Exchange states that it “will voluntarily refrain from implementing the Delisting Decision if the Company proceeds with the JR Proceedings on or before March 6, 2024, with the Company identifying potentially viable grounds for the said judicial review.”
Trading of shares by IPI was suspended since April of 2022, with multiple winding-up procedures leveled against it involving millions of dollars in claims by investors in courts from the United States to 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.
