Yumul: No such thing as IPI $1M security deposit

Howyo Chi, the new manager/director of Imperial Pacific International (CNMI) LLC, has disclosed that IPI just recently learned that a security deposit of $1 million related to IPI’s casino/hotel project in Garapan had been given to the Department of Public Works, but DPW denied receiving such a deposit.

In a letter to DPW Secretary Ray N. Yumul dated Nov. 7, 2023, Chi said they would like to confirm the accuracy of this information about the $1-million security deposit. Chi asked Yumul how the money can be used if it exists.

In his response letter yesterday, Yumul told Chi that DPW records do not indicate any such security deposit.

Yumul also noted that DPW does not deal with security deposits for any construction projects.

“To further assist in your request, please provide us with the date of deposit, account number or any identifying number used for such deposit,” Yumul told the IPI director.

Saipan Tribune learned that IPI is now looking into their records about the $1 million deposit after one of the construction companies on island disclosed there was such a deposit.

Construction work on IPI’s casino/resort project stopped in January 2021 when the U.S. District Court for the NMI issued an order stopping IPI’s construction for violation of a previously entered consent judgment.