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    Tuesday, October 23, 2018-8:04:57P.M.

     

     

     

     

     

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Saipan casino sues high roller over $5M debt

A “HIGH roller” from China who had authorized open credit of up to $20 million has been sued in CNMI Superior Court for failing to pay the $5 million he borrowed from Imperial Pacific International.

IPI, through attorneys Sean E. Frink and Catherine J. Cachero, said the $5 million was disbursed to Yonglun Bao on Feb. 2, 2017 when he was on Saipan.

IPI wants the court to issue an order directing Bao to pay the due amount under the loan agreement and note including all interest at 1 percent per month accruing up to the date of the issuance of the order.

IPI is also demanding a jury trial.

The lawsuit stated that Bao and IPI executed a loan agreement and promissory note in which the casino operator, as lender, was to disburse to Bao as much as $20 million in one or more loans upon his request.

The lawsuit stated that Bao failed to pay back the money he borrowed from IPI onthe  maturity date. Under the loan agreement, the annual interest rate on the overdue loan is 24 percent.

Under the terms of the note, the lawsuit added, Bao agreed to pay IPI reasonable collection agency and/or attorney’s fees, expenses and costs whether or not there is a lawsuit incurred by IPI in collecting any amount due, if the defendant failed to fully repay the borrowed money on or before the maturity date.