Kazuo Okada Reinstated as Okada Manila CEO After Reports Of Illegal Takeover
Summary
- TRLEI recently announced on its website the return of Okada as head of the company
- Okada’s camp allegedly stormed Okada Manila on May 31 in a “violent takeover“
- Okada and the existing TRLEI board are battling for control of the company
Kazuo Okada is back at the helm of Tiger Resort, Leisure and Entertainment Inc (TRLEI), the operator for Okada Manila.
That’s according to a press release published on the company’s website on May 31.
On the same day, the other group claiming control of TRLEI also issued a statement, affirming that its leadership management, including that of parent firm Tiger Resort Asia Ltd and ultimate parent Universal Entertainment Corp, remains unchanged following what it described was an “illegal takeover” of the Okada Manila establishment by the camp of Mr. Okada.
The Japanese mogul founded Universal Entertainment Corp but was ousted as chairman of the company in 2017 after he was investigated for fraud. During that time, he was also effectively removed from the TRLEI board.
Universal Entertainment and its subsidiaries have been operating under new leadership since then, but Mr. Okada launched a legal battle in an attempt to regain control of the company he established. He achieved major victory in January of this year when the Philippine Court of Appeals cleared him of fraud charges.
Legal Battle Continues
In May this year, the Philippine Supreme Court issued a “status quo ante order” which required the TRLEI to restore the composition of its board of directors to its 2017 lineup, prior to the dispute between Mr. Kazuo Okada and Universal Entertainment.
In response, TRLEI filed an Urgent Motion for Reconsideration to try to revoke the order, saying the temporary measure would not impact its existing ownership structure and business operations.
The court has yet to decide on the company’s urgent motion, but Mr. Okada’s camp allegedly stormed Okada Manila on Tuesday, May 31 and, violently took over its premises using brute force and intimidation. This prompted existing officers of the property to leave, some of whom allegedly suffered serious injuries as a result of the violent takeover.
The group currently managing TRLEI claimed that Mr. Okada’s camp was not authorized to take over Okada Manila, while the case is still in progress. They accused Mr. Okada and his representatives of making a mockery of the administration of justice.
Meanwhile, Mr. Okada’s side said he was reinstated as chairman and chief executive of Okada Manila, and as the sole representative of Tiger Resort Asia Ltd, the parent company of TRLEI, in adherence to the status quo order issued by the Supreme Court.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
