The Hong Kong-listed promoter of a Saipan casino resort says it is facing a winding-up petition in the Hong Kong High Court over an allegation it defaulted on payment of management construction fees amounting to HKD2.6 million (US$333,359).
Imperial Pacific International Holdings Ltd is the backer of the Imperial Pacific Resort (pictured), the firm’s permanent gaming facility on the Pacific island of Saipan, which opened in July.
The firm said in a Tuesday filing regarding the petitioning party: “Since Mace Ltd failed to provide satisfactory service and related evidence of service in accordance with the agreement, recovering construction management fees unreasonably, the company has refused to pay such fees, and is seeking independent legal advice to dispute the claims.”
Imperial Pacific added: “If the company pays the HKD2.6-million construction management fees, the petition will be dismissed, however, the board considers that this commercial dispute does not constitute grounds for a winding-up petition and it is believed that the court will make a just decision.”
The firm further stated: “The company will, as and when appropriate, comply with all relevant requirements, and where necessary, make further announcement(s) in accordance with the listing rules.”
In September, Imperial Pacific said the firm’s impairment of trade receivables due from its 10 largest customers amounted to HKD1.27 billion in the six months to June 30.
For the first half of 2017, Imperial Pacific posted a net profit of HKD912.0 million, up 8.9 percent from the prior-year period.
Until July this year, Imperial Pacific had been running a temporary gaming facility on Saipan called Best Sunshine Live. Saipan is part of the Commonwealth of the Northern Mariana Islands, a U.S. Pacific jurisdiction.
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