Marianas Variety

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    Saturday, September 22, 2018-5:42:06P.M.

     

     

     

     

     

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Casino sues more than 20 for nonpayment of loans

IMPERIAL Pacific International is suing over 20 individuals separately for nonpayment of loans. The casino operator is demanding a jury trial for each lawsuit.

Variety obtained copies of three of the lawsuits which asked the Superior Court to order the three defendants to pay all of the due amount plus interest of 1 percent per month accruing up to the date of the order, in addition to collection costs and attorney’s fees.

The three defendants are Zhiqi Chang, Zhong Shi and Jian Han.

IPI, through attorneys Sean Frink and Catherine Cachero, stated that the three failed to pay the amounts due to IPI under a loan agreement and promissory notes.

Chang borrowed $500,000 from IPI on Aug. 31, 2017 during his trip to Saipan, the complaint stated, adding that Chang now owes IPI $555,088 under the terms of the promissory note.

Shi owes IPI $1 million which was disbursed to him on Dec. 22, 2016 during his trip to Saipan, the complaint stated. Shi now owes IPI $1.5 million under the terms of the loan agreement and note, the complaint added.

Han was sued by IPI for non-payment of $500,000, the complaint stated, adding that Han now owes IPI $1 million.

IPI said that, under the loan agreement, the annual interest rate on each overdue loan is 24 percent per annum.

The three defaulted on the loans when they failed to payback the borrowed money from IPI on the maturity date, the complaint stated.

Under the loan agreement, the complaint added, the three were to repay the loan on “the 31st falling after each of the respective loans was drawn under the agreement.”

Under the terms of the note, moreover, the defendants agreed to pay IPI reasonable collection agency and/or attorney’ fees, expenses and costs whether or not there was a lawsuit filed by IPI in collecting any amounts due, if the defendants failed to pay fully repay the borrowed money on or before the maturity date.

The three lawsuits were filed on Thursday, June 14, 2018.

Last week, Variety reported that IPI sued Yonglun Bao, a “high roller” from China, for failing to repay the $5 million he borrowed from the casino.