Wednesday, February 21, 2024 - Login

IPI sues bad-debt high roller


A Chinese high-roller who has failed to pay back $5 million he borrowed from Imperial Pacific International is being sued by the company in the CNMI Superior Court, Marianas Variety reports.

According to the casino operator’s attorneys, IPI lent $5 million to the defendant, Yonglun Bao on February 2, 2017 while he was in Saipan.

IPI has asked the court to issue an order directing Bao to pay the due amount under the loan agreement, including interest of 1 percent per month accruing up to the date of the issuance of the order.

The lawsuit states that Bao and IPI had executed a loan agreement and promissory note which allowed IPI to disburse to Bao as much as $20 million in one or more loans upon his request.

It states that Bao had failed to pay back the money he borrowed from IPI on the maturity date. The annual interest rate on the overdue loan is 24 percent.

The agreement also states that Bao would pay IPI all expenses relating to the collection of the outstanding loan, including attorney and collection agency fees should he fail to pay before its maturity.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

Contact us

ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264

Asia Gaming Brief