Imperial Pacific International has announced the appointment of veteran accountant Chen Feng as a new Executive Director and joint-Chairman of the Board.
Chen, the Managing Director of Xiamen Lurun Financial Management Consulting Co, joins Xu Zhongxiang as one of two Executive Directors at IPI, the parent company of Imperial Pacific International (CNMI) LLC which currently holds a casino license in Saipan. That license could be revoked in May when the Commonwealth Casino Commission meets to discuss the company’s failure to pay taxes and levies required under its license agreement.
Chen’s appointment follows the resignation in June 2021 of IPI’s majority shareholder, Cui Li Jie. Cui stepped down just over a month after IPI (CNMI) LLC had its casino license suspended indefinitely, although she retained her 60.69% interest in the company.
Also appointed to the IPI board as of 25 March 2022 is Mr Chi Yuan as an Independent Non-executive Director. Chi, 48, is described as having been engaged in “the capital operation of various enterprises since 2007, including the enterprises of food manufacturing, textile, shoe manufacturing, catering chain, valve manufacturing and leather manufacturing [and] education.
“He [has been] successively responsible for several projects in different regions of the People’s Republic of China from 2007 to 2019, including [participating] in auditing, financial [projects], business operation management, internal control, [and] mergers and acquisitions,” IPI said.
Chen and Chi have both been appointed for two years with Chen to receive a fixed director’s fee of HK$50,000 per month and Chi a fee of HK$10,000 per month.
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