IPI asks DPL to return $10M deposit
Imperial Pacific International (CNMI) LLC has sought to retrieve a $10-million deposit it made with the Department of Public Lands, Saipan Tribune learned yesterday.
DPL Secretary Marianne Teregeyo confirmed the information yesterday but declined to provide more specifics.
Details about the IPI request were not provided since Teregeyo has yet to meet with DPL lawyers to discuss the extent of the information she could share.
According to Teregeyo, though, the deposit was made in late 2016.
“It is true that they [IPI] are requesting [for the deposit back] and at this point, I have not released it yet,” said Teregeyo.
Saipan Tribune learned that the money was a good-faith advance from IPI to DPL for the lease of the Garapan property where the Imperial Pacific Casino & Resort now sits.
“[IPI] deposited an additional $10 million on DPL and IPI’s agreement. [The money was] deposited because IPI requested additional things from DPL and in order to assume that risk, we required that IPI ups that deposit,” said Teregeyo, declining to provide specifics without the department’s lawyer advising her.
Teregeyo added that she has received letters from IPI and a letter from the DPL legal counsel and is now “processing it.”
The secretary clarified that deposits are not income for DPL. She said that deposits are remitted after an audit at the end of every fiscal year to determine the surplus that would be remitted to the Marianas Public Lands Trust fund.
“We hold [deposits] in a deposit account with the bank,” said Teregeyo. “At the end of next year, the $10 million does not go to MPLT. It’s not income—it’s [a] deposit,” she said, adding that IPI would obtain their $10 million deposit when they satisfy or close a term of a lease.
According to Teregeyo, deposits are being held for “all the lease-holds here, and those are not income.”
CCC is aware
The Commonwealth Casino Commission told Saipan Tribune in a phone interview that they are aware that IPI was requesting DPL to return their $10 million deposit.
CCC executive director Edward Deleon Guerrero said, though, that the commission does not have the details. He also specified yesterday that IPI’s agreement with DPL was not part of their regulations, however the department may contact CCC to “assist in enforcement” if “IPI violates policy.”
“We [keep] IPI in full compliance with federal and local regulations,” said Deleon Guerrero.
More “smoke and mirrors” going on. Interesting how it was announced that the money was originally deposited because IPI requested “things” from DPL. What the heck are “things” ?
So much for transparency.
There’s never been transparency in the government for the last 20 years since the GOP has controlled the office of the governor! It’s all about, what’s in it for me and my deep pockets!
DPL should not refund the deposit until the building has been completed and occupied. IPI promised billions, so this ten million is just pocket change unless IPI are insolvent, which they obviously are. DPL will need that ten million to clean up the mess.
Good faith in bribery that’s s the case here, you bribe lawmakers in the CUC vouchers, I new you casino people plan was to bribery your way into the CNMI’s people government with your partners in Crime corrupt lawmakers I knew this was coming or happen down the road. This is Saipan USA not the Republic China government where bribery happen all the time.
I think you meant “like China” instead of “not the Republic [of] China”
It’s public land therefore landowners must be informed of the deal with IPI.
They are preparing to abscond and asking TORRES, DE LEON GUERRERO to help. Chinese interest first, or CNMI interest first – that is the question!