Commission Managing Director Andrew Yeom has requested the suspension of the online casino Singapore license from Imperial Pacific International. He said the site does not follow the commission’s regulations.
Five Violations Listed
Currently, Imperial Pacific International is on the verge of losing its casino license due to failure to meet the standards put in place. For Andrew Yeom, the company had recognized five facts considered reprehensible. This includes the non-payment of annual fees of $ 3.1 million and casino license fees ranging from $ 15.5 million. The establishment also did not pay its debts to suppliers and community charities during the 2018-2019 year. These contributions are written into the casino license agreement. According to Deputy Attorney General Mike Ernest, a license suspension is necessary until the company concerned finds adequate solutions to comply with the rules.
According to the information gathered, any violation is punishable by a heavy fine of up to $ 808 million. Nevertheless, Andrew Yeom only demands $ 5 million from Imperial Pacific International. Despite everything, the official explained that the firm does not take into account the recommendations of the regulators and therefore seeks the help of the commission to impose an exemplary sanction. Through this method, the IPI will be under an obligation to follow Commonwealth law to the letter and have a little more respect for the CCC. Otherwise, the revocation of his casino license will surely be decided. Mr Ernest added that the casino investor should have taken matters into his own hands and be frank about the group’s financial situation. Unfortunately,
For his part, Master Tiberius Mocanu, the lawyer representing Imperial Pacific International, said the IPI hardly disputes the charges. However, he asked the commission to set up a reliable system allowing the company to get by. He also asked for the understanding of the main officials on the economic crisis which is hitting society hard, making it vulnerable. In all cases, his instant withdrawal online casino Singapore gaming license will be suspended pending compliance. And given the damage, IPI would have to pay a fine of $ 50,000 per day on each transgression and claim. For the prosecutor, Imperial Pacific International has committed serious violations of the regulations applicable to the operation of an entertainment complex.