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Imperial Pacific to fight back after wind up petition filed

Tuesday, 31 October 2017 17:00
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International consultancy and construction firm Mace Limited has petitioned the High Court of Hong Kong to wind up casino developer Imperial Pacific International (IPI) after it allegedly defaulted on paying construction management fees worth HK$2.6 million.

But it doesn’t look like the matter will be solved quietly with IPI indicating that it is willing to fight the matter in court and accusing Mace of unsatisfactory work on its Imperial Pacific Resort project in Saipan.

In a filing to the Hong Kong Stock Exchange, IPI said that, “To the best of the board’s knowledge, information and belief, since Mace Limited 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.

“If the company pays the HK$2.6 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.”

IPI held a soft opening of Imperial Pacific Resort in July but only the lobby and sections of the main gaming floor are currently in operation due to a series of delays during construction. It has since been granted a revised schedule that will see Phase I fully complete by 2023 and Phase II by 2028.

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