In a significant legal development, the High Court in Hong Kong has issued an order for the liquidation of Imperial Pacific International (IPI), along with the appointment of a provisional liquidator. This decision stems from a petition filed last year, despite IPI's attempts to contest or delay the ruling.
Trading in IPI's shares has been halted since April 1, 2022, amidst mounting legal challenges. The company faces a barrage of claims, with investors pursuing legal action across jurisdictions from the United States to Hong Kong, seeking millions of dollars in damages.
One of the significant debts owed by IPI is to the Commonwealth of the Northern Mariana Islands, amounting to approximately $62 million in unpaid license fees spanning four years. Efforts to resolve the issue through a commission convened to address the casino debt and potentially revoke the license have proven unsuccessful, with no settlement reached.
