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‘IPI pays DPL $150K, but still owes $279K’
IPI has yet to cure other violations
Teresita A. Santos
Imperial Pacific International (CNMI) LLC has paid $150,000 to the Department of Public Lands but still owes DPL $279,000 in security deposit and outstanding debt over alleged violations of their land lease agreement.
In response to Saipan Tribune’s inquiry yesterday, DPL Secretary Teresita A. Santos said that IPI, which is the exclusive Saipan casino licensee, also has yet to cure the violations they were being cited by DPL.
Santos said that DPL is right now working with the Office of the Attorney General concerning IPI’s failure to resolve the unresolved violations.
She said IPI wrote two weeks ago a first check in the amount of $30,000, then wrote last week a second check for $120,000.
Santos said the $30,000 check has already been cleared, but the $120,000 has yet to clear as of yesterday.
She said if the $120,000 check is cleared, IPI still owes $279,000. If the second check fails to clear, that would mean IPI owes $399,000.
Before the payments, IPI owed DPL $250,000 in security deposit and $179,000 in outstanding debt, for a total of $429,000, Santos said.
Last March 31, Santos issued a notice of violation to IPI for failing to remit $250,000 to DPL to replenish the required security deposit, among other alleged violations of the land lease agreement.
According to DPL’s notice of violation, Santos informed IPI president Lingli Cai that failure to cure the listed violations within 30 days will place IPI in automatic default of the lease and that DPL will be forced to take corrective action.
The notice was issued despite IPI’s remittance of $150,000 in lease rental to DPL and submission of its revised appraisal report dated Nov. 7, 2022, and the 2021 audited financial statement prepared by accounting firm Burger, Comer, and Magliari on Nov. 16, 2022.
Santos stated in the notice that despite IPI’s payment of $150,000 and submission of documents last Nov. 16, the company failed to cure the other violations as provided in DPL’s Oct. 18, 2022, notice of default issued by then-DPL secretary Sixto K. Igisomar.
