THE Department of Public Works did not receive $1 million in construction security deposit from Imperial Pacific International, DPW Secretary Ray N. Yumul said.
In his letter to Yumul last week, IPI Director How Yo Chi said the casino investor “recently learned” that a security deposit of $1 million was provided to DPW.
Chi, who was named IPI director just last month, said he wanted “to confirm the accuracy of this information.”
Prior to Chi’s appointment as IPI director on Oct. 13, Dongting Zheng, who was based in China, served as IPI manager/director.
Yumul replied to Chi on Wednesday, saying that the department’s records indicate that there was no such security deposit.
Moreover, Yumul said DPW does not deal with security deposits for any construction project.
No 30-day notice yet
For his part, Chi said he had not received a notice from the Commonwealth Casino Commission regarding the 30-day payment period for IPI to pay the CNMI government $62 million in outstanding casino license fees.
The commission made the decision on Oct. 26, saying that 30 days is a reasonable time for IPI to pay its obligation to the CNMI government.
The 30-day payment period should start as soon as IPI acknowledges receipt of the notice.
IPI owes the Commonwealth $15.5 million in annual exclusive casino license fees for the years 2020, 2021, 2022 and 2023 for a total of $62 million.
