The Supreme Court Removes Kazuo Okada from Okada Manila and Universal Entertainment Corp
In surprising news that has sparked intrigue in the casino and entertainment industry, Okada Manila, the renowned integrated resort in Manila, Philippines, has been returned to its owners after a prolonged legal battle involving its ousted former founder, Kazuo Okada.
The legal tussle began when Universal Entertainment Corp, the parent company of Okada Manila, announced on Monday, November 27, that a petition submitted by Kazuo Okada against Tiger Resort, Leisure and Entertainment Inc., which currently operates the resort, was denied. This announcement marked a significant turning point in the prolonged dispute over the ownership and management of the resort.
The saga began when a Status Quo Ante Order (SQAO) was issued in April last year, obligating Tiger Resort to restore the entire board of directors’ structure from 2017. Allegations of acts and frauds harming the company were at the center of the dispute, ultimately leading to Okada’s ousting from the company.
The Supreme Court’s resolution, announced on November 13, declared that the legal action against the operator was submitted after the period for filing an election contest expired. This resolution led to Okada’s permanent removal as a shareholder, director, chairperson, and CEO of TRLEI, further solidifying his ousting from the company.
The investigation also revealed that Okada was merely the nominal shareholder with only one share, which was revoked in 2017. Furthermore, it was determined that he wasn’t the controlling shareholder of Okada Holdings Limited, the resort’s parent company. Instead, the majority shareholder was identified as Tomohiro Okada, his son, according to the Japanese and Hong Kong courts.
Following the Supreme Court’s resolution, Universal Entertainment Corp released a statement indicating that the litigation had been concluded, and the SQAO had been immediately lifted. This development paved the way for the company to resume negotiations with Philippine financial institutions and proceed with the refinancing of its privately placed notes outside Japan.
The resolution of this legal battle marks the end of a turbulent chapter for Okada Manila, opening the door to a new phase of stability and growth for the renowned integrated resort.