The High Court in Hong Kong has ordered Imperial Pacific International Holdings Ltd to be wound up, with a provisional liquidator appointed. The Hong Kong-listed company has, via its unit Imperial Pacific International (CNMI) LLP, a casino licence for the United States jurisdiction of Saipan.
“On 15 April 2024, the company was ordered to be wound up by the High Court … pursuant to the provisions of the Companies Ordinance,” stated Imperial Pacific in a Monday filing.
The affairs, business and property of the company are now being managed by Phyllis McKenna, an official appointed by the High Court to act as the liquidator of Imperial Pacific.
Monday’s court decision stems from a winding-up petition filed in September last year for alleged failure by Imperial Pacific “to settle the judgment amount” of just above HKD20.83 million (US$2.6 million), together with interest and cost.
In October, a second winding-up petition against Imperial Pacific was filed for alleged failure to settle the judgment amount of HKD5.3 million, together with interest and costs.
Imperial Pacific did not make any comment on the winding up order.
Trading in the shares of Imperial Pacific on the Hong Kong Stock Exchange has been suspended since April 1, 2022, “and will remain suspended until further notice,” said the firm.
In February, a Listing Review Committee of the Hong Kong bourse decided to uphold a previous decision to delist Imperial Pacific, with the listing of the firm’s shares to be cancelled with effect from February 22. The company has appealed to the city’s High Court for judicial review of the delisting decision.
Imperial Pacific’s casino licence has been suspended since 2021 and the regulator is currently seeking the revocation of the permit. Negotiations between the company and the regulator for a settlement are said to be ongoing, according to local media reports.
