Okada Manila ownership row headed to court in the Philippines

Home » Okada Manila ownership row headed to court in the Philippines

In the Philippines and the long-running battle to determine who has ultimate control over the 993-room Okada Manila facility is reportedly heading to court after owner Universal Entertainment Corporation announced that it is seeking to reverse an earlier Status Que Ante Order.

According to a report from Inside Asian Gaming, the Tokyo-headquartered firm revealed that the Status Que Ante Order was issued by the Second Division of the Philippine Supreme Court in May and obliged its Tiger Resort Leisure and Entertainment Incorporated subsidiary, which runs the five-star Okada Manila venue, to restore the 2017 configuration of its board of directors. The source explained that such a move came at the behest of billionaire businessman Kazuo Okada (pictured) after the controversial figure was sacked by Universal Entertainment Corporation around this same time amid the emergence misappropriation allegations.

Coercive consequences:

Universal Entertainment Corporation is also a major manufacturer of pachinko, slot and arcade games and reportedly revealed that its motion regarding the Status Que Ante Order has been remanded to the High Court following its production of additional information. The original court order purportedly prompted a 50-strong group representing Okada to forcibly take control of Okada Manila amid their belief that the 79-year-old was to be restored to his commanding position on Tiger Resort Leisure and Entertainment Incorporated’s board of directors.

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Reportedly read an official Universal Entertainment Corporation filing…

“The Philippine Supreme Court has decided to remand the case once to the High Court for the High Court to review the evidentiary documents regarding Tiger Resort Leisure and Entertainment Incorporated’s ownership of voting rights and make findings of fact regarding Tiger Resort Leisure and Entertainment Incorporated’s ownership of voting rights since no such documents were submitted to the lower court. The High Court will perform the task of determining who or which company owns the voting rights of Tiger Resort Leisure and Entertainment Incorporated and will return the results of its fact finding to the Philippine Supreme Court, which will issue a judgement based on the evidence and documents.”

Autumnal assumption:

Universal Entertainment Incorporated reportedly divulged that the High Court expects to complete this fact-finding exercise within 30 days before presenting its final evidence to the Philippine Supreme Court. The Tokyo-listed enterprise formerly known as Aruze Corporation purportedly noted that it subsequently will be looking for a final determination to the ongoing intra-corporate dispute before the end of October that will keep Okada and his representatives frozen out of having any say concerning Tiger Resort Leisure and Entertainment Incorporated.

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Calamitous claims:

Inside Asian Gaming reported that the move from Universal Entertainment Corporation comes as the board of Tiger Resort Leisure and Entertainment Incorporated revealed that it has issued demand letters to a trio of Okada Manila employees who are thought to have siphoned approximately $2.2 million from the venue’s casino cage. This transfer is purportedly believed to have occurred during the confusion linked to the raid by Okada’s representatives and allegedly involved the Entertainment City property’s Accounting and Finance Assistant Vice-President, Gilbert Gianzon, as well as its Finance Director, Renato Marcelo, and Accounts Manager, Rowena Chan.

Interesting incentive:

Kenshi Asano serves as a director for Universal Entertainment Corporation and he reportedly alleged that the three Okada Manila employees had released the cash in question to TransAsia Construction Development Corporation, which is a company linked to Okada representative Dindo Espeleta. The experienced executive is purportedly furthermore promising a reward amounting to 5% of any recovered funds, which could potentially encompass an earlier $36.7 million disbursement questionable approved by the interim Tiger Resort Leisure and Entertainment Incorporated board.

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Reportedly read a statement from Asano…

“The illegally constituted board led by Kazuo Okada has resorted to using ordinary day-to-day officers to do their dirty work. This act of corporate thievery should stop immediately to protect not only our investors but the sustainability of the business, which employs more than 5,000 workers.”

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