Regulator says following legal process in IPI dispute

Commonwealth Casino Commission head Edward Guerrero said he would have revoked a casino license for Imperial Pacific International already, if it hadn’t been for the need to follow due legal process.

That process has now begun with the issuing of three orders to IPI at a board meeting last week, local media reports. The regulator told the Hong Kong-listed company it needed to maintain sufficient working capital to pay three months’ pay in a U.S., or local, bank account; it needed to settle all payable accounts and to appoint a CEO.

If IPI does not respond to the three orders, there’s a good chance that suspension of the casino license will immediately follow that, Guerrero was reported as saying. 

Guerrero complained that without a CEO it was unclear as to who was signing anything on the casino operator’s behalf, or whether the company could be bound by the signatures provided.

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