Sapian’s troubled casino firm Imperial Pacific International (IPI) is unloading 5% of the company shares amid the FBI investigations. The last week raid on key participants seems to have taken its toll on the casino that is already taking safety measures.
IPI informed investors that Inventive Star Ltd, the firm’s controlling shareholder, was selling about 5% of the company’s shares to a Chinese company on Tuesday. The Chinese company joining the IPI fraternity is in Chinese characters only (進英投資有限公司).
The company’s majority shareholder Inventive Star previously owned 63.47% shares of the company before the latest transaction. With the sale to the Chinese company, Inventive Star will now hold 58.58% which still makes it the controlling shareholder.
Inventive Star’ owner is Cui Li Jie, a Chinese national who is currently an IPI executive director. In January Cui Li will be promoted to the chairperson seat.
The latest unloading marks Cui’s second major share sale, the first attempt having taken place in July. The company then had tried to sell 14b shares of IPI to Guan Lian Capital Holdings.
The previous announcement featured the same pre-transaction orders that the current one has and was likely the reason why Guan Lian called the sale off. IPI had issued a profit warning a month later further scaring off the Guan Lian investors.
In May, IPI claimed to have received a cash infusion worth $500m from GCM Ltd, a Japanese firm. The company did not disclose more about the mysterious firm that had offered a helping hand and the deal surrounding it.
However, the company has been delaying its bill payments. Whether it is due to inability or unwillingness, it clearly points out that IPI is not doing well.
In the mix of all this, the company is now facing the FBI in a probe against fraud, corruption as well as illegal money laundering.
Governor Ralph Torres has found himself in deep trouble as he is allegedly connected to receiving illegal political contributions.
Torres who is Commonwealth of Northern Mariana Islands’ governor is facing allegations of receiving millions of dollars by the IPI in return for land deals. His family members have also been included in the probe through a law firm owned by his brothers.
The local media reported on the FBI’s receipt for property of the IPI raid. As stated in an article by CalvinAyre.com, a number of documents (CNMI tax payments, journal entries, petty cash records) 15 laptops and 34 computers were seized during the raid.
Among other seized documents were the lease payments which could possibly be linked to Legend Realty. The local realtor company was raided alongside the CNMI offices and IPI lobbyist offices.
Ron Li Anderson is the owner of Legend Realty and had been mentioned in the FBI warrants. However, Anderson had left Saipan two days before the FBI raids had begun and according to some local media sources, he has traveled to China