Technical support issues
According to the latest information released by the Supreme Court, Okada Manila is no longer a status quo. The famous complex in Manila, Philippines, has been in the hands of the ex-founder, who has been kicked out since last year, when the court approved the forced takeover.
Okada vs Tiger Resort:
But on Monday, Nov. 27, Okada Manila's parent company, Universal Entertainment, was denied a petition when it announced good news about the resort, and the company was officially returned to its owner.
Kazuo Okada filed a plea against Tiger Resort, Leisure and Entertainment Inc., which currently operates the resort. But the plea was rejected.
In April last year, a status quo order (SQAO) was issued, and Tiger Resort has been obliged to restore the entire structure of its board since 2017. Afterwards, the dispute alleges that the former owner was accused of harming the company or potentially causing harm and fraud.
At the time, Inside Asian Gaming reported that SQAO's insurance had confirmed that Okada's agents had taken control of Okada Manila's operations under their control, and that the situation lasted for three months. However, Tiger Resort, which was backed by Universal, took over the casino again in September last year when the Philippine gaming regulator PAGCOR ordered it.
According to the report, the Philippine Supreme Court's response was not what Mr. Okada expected. The resolution, issued on November 13, stated that legal action was submitted against the operator after the period of application for the election contest expired. But that's not all – Mr Okada is now "appropriately removed as shareholder, director, chairman and CEO of TRLEI."
The investigation revealed that Okada was a nominal shareholder with only one share, and it was canceled in 2017. He also turned out to be not the controlling shareholder of Okada Holdings, the resort's parent company.
According to Japanese and Hong Kong courts, the majority shareholder is her son Tomohiro Okada.
"The resolution concluded the lawsuit and the Supreme Court's SQAO was also lifted immediately," Universal said in a document shared Monday. As a result, the company will resume suspended negotiations with Philippine financial institutions and refinance private equity bonds outside Japan through various contracts, including restrictions on share buybacks issued to fund the "Okada Manila" project. The company will immediately announce the progress that needs to be made public."
Thursday, November 30, 2023
This topic is archived. No further replies will be accepted.Other recent topics