Imperial Pacific International Casino has been jolted with a fresh blow. The legal eagle of the company has now parted ways with them at a time when they would have needed him more than anyone else. Philip Tydingco, the general counsel of the IPI has decided to leave the post and the company. It has been reported that he would not work any longer after Dec 13. However, no specific reason has been provided by the company for his departure. Tyndingco has not made any public comment either on the whole matter so far.
Philip Tydingco joined the IPI in August 2017. He has had a wonderful journey with the IPI as he left the position of Guam’s Deputy Attorney General.
IPI is in total shatters these days. A few weeks earlier, the FBI announced that it has been probing IPI and Commonwealth Of Northen Mariana Islands Gov. Ralph Torres for the possibility of the wire fraud, money laundering, and illegal campaign contributions, reported Calvinayre. Federal Bureau of Investigation (FBI) even raided multiple locations in Saipan, including multiple properties of Torres and IPI.
Before Tyndingco left IPI he convinced US District Judge Ramona Manglona of dismissing a lawsuit filed by Pacific Rim Land Development. The contractor accused IPI of the non-payment of $5.65mn unfinished Imperial Place Resort. The allegation also asked the court for a mechanics’ lien on the property. Tyndingco, however, argued that the mechanic’s lien request was made after 60 days window and is time-barred. The judge dismissed the motion after the Tyndingco successfully convinced the court. However, the court has granted Pacific Rim Land Development to amend the appeal and scheduled a hearing for December.
The company is yet to find a way for the money it owes to the CNMI Government. IPI either doesn’t want to pay the amount or it won’t. Ralph Yumul, the CNMI House Gaming Committee Chairman asked the CCC or Commonwealth Casino Commission asked whether the annual contribution of $20mn Community Benefit Fund was deposited by the IPI. This is one of the requirements of the license issued by the CCC.
Edward Deleon Gurrero, CCC Executive Director, said that once the investigation is done, further comments would be made. This is not the first time that IPI is in news for the annual license fee. It made the license fee partially even after the stipulated time in August, this year.
As per the local politicians, the Business Gross Revenue Tax of IPI has reduced from $67.7m to $41K from 2017 to the first nine months of 2019. However, IPI claimed that they got credits for overpaying in the previous years. Even the media report claimed that CCC is unhappy with IPI as CEO Mark Brown did not attend the monthly meeting of CCC. Juan Sablan, CCC Chair said that it is important that either the CEO or CFO joins the meeting.
IPI remained in the news even last month when Cui Li Jie told that she is selling her 4.9% stake to a Chinese Company. However, the name was only in Chinese Characters. IPI later revealed that the name of the company is Brave Access Investments Ltd. This company identifies itself as Jinying Investments Co Ltd and is headquartered in New York and has other branches in Hong Kong and New Zealand.
The Brave Access confirmed the investment in IPI on November 21. However, it looks that Brave access was in contention of the deal for long. In July, the Brave access shared a congratulatory photo of the opening of Imperial Casha of IPI.