THE High Court of Hong Kong has ordered Imperial Pacific International Holdings Ltd. to be “wound up,” with a provisional liquidator appointed, according to GGRAsia, a Macau-based website and newsletter that reports on the Asian gaming industry.
IPI Holdings, a Hong Kong-listed company, is the parent company of Imperial Pacific International (CNMI) LLP, which holds an exclusive casino license on Saipan.
IPI Holdings acknowledged that on April 15, 2024, it was “ordered to be wound up by the High Court … pursuant to the provisions of the Companies Ordinance,” GGRAsia reported.
“The affairs, business and property of the company are now being managed by Phyllis McKenna, an official appointed by the High Court to act as the liquidator of Imperial Pacific.
“Monday’s court decision stems from a winding-up petition filed in September last year for alleged failure by Imperial Pacific ‘to settle the judgment amount’ of just above HKD20.83 million (US$2.6 million), together with interest and cost.
“In October, a second winding-up petition against Imperial Pacific was filed for alleged failure to settle the judgment amount of HKD5.3 million [about US$676,000] together with interest and costs.
“Imperial Pacific did not make any comment on the winding up order.”
GGRAsia also noted that trading in the shares of Imperial Pacific on the Hong Kong Stock Exchange has been suspended since April 1, 2022, “and will remain suspended until further notice,” said the firm.
“In February, a Listing Review Committee of the Hong Kong bourse decided to uphold a previous decision to delist Imperial Pacific, with the listing of the firm’s shares to be cancelled with effect from February 22. The company has appealed to the city’s High Court for judicial review of the delisting decision.”
On Saipan, IPI’s casino license has been suspended since 2021 and the Commonwealth Casino Commission is seeking the revocation of the permit.
“Negotiations between the company and the regulator for a settlement are said to be ongoing,” GGRAsia said, citing CNMI media reports.
