The effectual dispute near which entity is the rightful owner of Okada Manila has been settled.
In a regulatory filing, Universal Entertainment, the Tokyo-based gaming empire that owns and operates Okada Manila inward the Philippines’ Entertainment City, revealed that the Republic of the Philippines Supreme Court before this month lifted the Status Quo Ante Order (SQAO) that it issued inward Apr 2022. The court’s ruling followed billionaire Kazuo Okada’s case against Universal and Okada Manila’s operating umbrella, Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), on allegations that he was wrongly ousted from the companies he founded.
The SQAO ordered Universal/TRLEI to restore its board compensation to its 2017 arrangement when Okada held a seat.
Okada has claimed that his adult-aged children, whose relationship with their begetter deteriorated inwards 2016 after allegations surfaced that he was poaching money from the stage business for personal use, led his ousting. Okada’s children, Tomohiro Okada and Takako Okada, are Universal’s largest shareholders through and through inheritance.
Okada used the SQAO to forcibly seize moderate of the Okada capital of the Philippines governance inward a raid of the $2.4 billion integrated resort that took property on May 31, 2022. Okada maintained verify of the resort hotel for near iii months until the Filipino Amusement and Gaming Corporation inward September 2022 ordered it to follow returned to Universal and TRLEI.
Status Quo Ante Order Lifted
Universal said Mon that the Republic of the Philippines Supreme Margaret Court on November 13 lifted its SQAO. The Philippine Islands mellow lawcourt determined that Kazuo Okada “was properly removed as shareholder, director, chairperson, and CEO of TRLEI.”
The Supreme Court confirmed that [Okada] was a mere titular shareholder inward TRLEI with only I token(a) part which had already been revoked in 2017 past parent society Tiger Resort,” a financial statement from Universal Entertainment read. “The [court’s] resolving further said that wayward to his claims, Kazuo Okada is non the controlling shareholder of the ultimate parent company, Okada Holdings Limited (OHL). This is based on foreign judgments issued past Japanese and Hong Kong courts, which are last and recognised inwards the Philippines. Said foreign judgments effectively recognised that Tomohiro Okada is the absolute majority shareholder of OHL.”
The Universal statement said with the Republic of the Philippines Supreme Court lifting the SQAO, the litigation is concluded.
TRLEI reps believe at to the lowest degree PHP500 one thousand thousand (US$9 million) was stolen from its cash in holdings during the three-month point its executives weren’t allowed within the property. The incorporated ownership contravention also resulted inwards a merger proposed past US businessman Jason Ader and his clean chink special intent acquisition company, 26 Capital, from carrying out its opposite takeover of the cassino resort.
Ongoing Criminal Case
The Philippines Supreme Court rescinding its SQAO for Okada Manila is a major puff to Kazuo Okada. More effectual losses could live forthcoming.
Okada this yesteryear summer was arrested and charged with a bingle “grave coercion” billing inwards the Philippines. The level is in telling to his leading the Okada capital of the Philippines raid.
He pleaded non guilty inward the ongoing case. Okada’s attorneys are seeking to hold the lawsuit, which was brought past the Philippine Islands Department of Justice, dismissed.
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