Ambassador R. James Woolsey Resigns as a Non-Executive Member of the Board of Directors of Imperial Pacific International Holdings Ltd.

[Washington, DC – May 20, 2018] Ambassador R. James Woolsey is resigning as a Member of the Board of Directors of Imperial Pacific International Holdings Ltd. (“IPI”) effective immediately.

IPI has faced questions regarding its employment practices and business operations at its Saipan and (now closed) Tinian casino operations since making a public statement on June 29, 2017 about IPI’s “lawful employment enforcement” and commitments “as a law-abiding corporate citizen” of the United States of America.  No issues of safety were raised by IPI at that time.

On February 15, 2018 and on March 14, 2018, Bloomberg BusinessWeek reporter Matthew Campbell published articles that raised detailed allegations of serious lapses in corporate governance, and employment standards. Mr. Campbell quoted Ambassador Woolsey in the February article saying he had “not been made aware of any issues of safety or improper relationships with politicians.  If impropriety is proven, I will not be comfortable staying on the board” of IPI.

Mr. Campbell’s February article raised serious concerns regarding safety as well as the commitment made by IPI to operate as a law-abiding corporate citizen.  The March article included a quote from a written statement by the FBI that goes well beyond the standard denial of comment regarding confirming or denying the existence of an investigation and raised even more questions.

The FBI added, “However public corruption is the FBI’s top criminal investigative priority. Elected or appointed officials are entrusted and expected to protect the interests of the people with integrity.  When that trust is betrayed, the security and stability of our government is put at risk.”

Ambassador Woolsey has concluded that, despite prior commitments by IPI to law enforcement, the reporting related to investigations into IPI’s alleged business practices raises too many serious questions of propriety

IPI has been entrusted with the confidence of the public, whether as a publicly traded company in Hong Kong or as a licensed casino operator in the United States.  IPI must operate in a manner beyond reproach, with the constant goal to well exceed any minimum thresholds and set an example as a solid corporate citizen.

The people of the United States hold their government and those licensed by their government in regulated industries to a standard of conduct that instills the confidence in the ethics and honesty of their operating practices.  IPI has permitted the appearance of impropriety to exist.

Ambassador Woolsey has determined that the existence of the material allegations raised by Mr. Campbell against IPI rise to the level of betraying the public trust.   The fact that IPI has not been charged with breaking of Federal laws does not negate the seriousness of the allegations regarding IPI raised by Bloomberg BusinessWeek as well as the FBI’s public comments on this matter .

ABOUT AMBASSADOR WOOLSEY

Ambassador Woolsey is a Venture Partner with Lux Capital Management.  Mr. Woolsey previously served in the U.S. Government on five different occasions, where he held Presidential appointments in two Republican and two Democratic administrations, including (1993-95) as Director, Central Intelligence.

During his 12 years of government service, in addition to heading the CIA and the Intelligence Community, Ambassador Woolsey was: Ambassador to the Negotiation on Conventional Armed Forces in Europe (CFE), Vienna, 1989–1991; Under Secretary of the Navy, 1977–1979; and General Counsel to the U.S. Senate Committee on Armed Services, 1970–1973.  Ambassador Woolsey was also appointed by then President Ronald Reagan to serve on a part-time basis in Geneva, Switzerland, 1983–1986, as Delegate at Large to the U.S.–Soviet Strategic Arms Reduction Talks (START) and Nuclear and Space Arms Talks (NST).  As an officer in the U.S. Army, Ambassador Woolsey was an adviser on the U.S. Delegation to the Strategic Arms Limitation Talks (SALT I), Helsinki and Vienna, 1969–1970.

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