IPI sues 13 more customers to collect $12.7M from $19.1 loans

Imperial Pacific International (CNMI) LLC has filed 13 more lawsuits to collect $12.75 million from their 13 customers who allegedly borrowed a total of $19.1 million from the company.

According to documents filed last week before the Superior Court, the 13 customers made loans ranging from $100,000 to $6.2 million, and that Imperial Pacific wants to collect the amounts due ranging from $59,945 to $3,096,970.

The alleged biggest borrower is Wenlong Cui, a resident of Hong Kong, who allegedly made two loans in the total of $6.2 million and failed to pay $3,096,970.

Catherine J. Cachero, counsel for Imperial Pacific, stated in the complaint that on Oct. 30, 2017, Cui executed a promissory note to borrow $1 million from the company.

Cachero said that on Nov. 8, 2017, Cui requested that the amount under the first loan agreement be increased.

Cachero said Imperial Pacific approved the request for an increase from $1 million to $2 million.

The lawyer said under the first loan agreement, the annual interest rate on each overdue loan is 24 percent per annum.

She said Cui defaulted in payment of the first loan and that the amount due is $800,000.

Cachero said that on Nov. 19, 2017 or during his second trip to Saipan, Cui executed a second promissory note to borrow $2,200,000 from Imperial Pacific.

Cachero said that upon defendant’s request, Imperial Pacific approved on Dec. 12, 2017, a change in the loan from $2.2 million to $4.2 million.

The lawyer said Cui defaulted in payment of the second loan agreement and that the amount due and owing to the company is $2,296,970.

The 12 others being sued are all residents of China. They are Chuseng Chen, Yahong Guo, Jingxiong Liang, Yongkuan Liu, Zhiqi Chang, Xiangzhao Kong, Jian Han, Zhong Shi, Kefeng Fan, Chunwei Lin, Minjin Jiang, and Tingquan Chen.

The 12 allegedly borrowed money from the Imperial Pacific from 2016 to 2017.

Chuseng Chen allegedly owes $59,945 out of a $1-million loan; Guo $492,850 of $500,000; Liang $1,748,950 of $3 million; Liu $100,000 of $100,000; Chang $558,088 of $600,000; Kong $2 million out of $2 million; Han $1 million of $1 million; Shi $1,500,000 of $1,500,000; Fan $796,000 of $1 million; Lin $198,600 of $1 million; Jiang $1 million of $1 million; and Tingquan Chen $200,000 of $200,000.

Last month, Imperial Pacific filed a similar lawsuit against Patrick Sun, a Las Vegas-based customer for allegedly failing to pay $747,000 from two loans in the amount of $2.3 million.