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IPI may have cash seized from its casino cage

Pacific Rim Land Development, one of the companies suing Imperial Pacific International over nonpayment for services, was able to execute a court-ordered on site inspection of the IPI casino, and has asked the court to allow it to seize the cash found in the casino cage.

The total amount of currency reportedly found in the casino cage amounted to US$688,408.90 in value; or more specifically US$46,201, RMB59,700, HK$508,100, JPY63,065,000, and KRW44,910,000.

According to the earlier judgement and its later amendments, IPI is obliged to pay Pacific Rim the amount of US$6.9 million plus post-judgment interest, but has so only been able to scrape together about US$1.3 million of the necessary funds. As a result, the court allowed Pacific Rim’s team to conduct the inspection of the IPI facility.

The court had previously granted writ of executions for Pacific Rim to seize money owned or controlled by IPI from the Bank of Saipan, City Trust Bank, Bank of Guam, and First Hawaiian Bank; and two escrow accounts believed to be owned by IPI at Security Title and Pacific American Title.

By court order, IPI has now been prohibited from selling or transferring assets in CNMI.

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