Okada Manila isn’t under the status quo anymore, according to the newest information the Supreme Court released. The renowned integrated resort from Manila, Philippines, has been in the hands of its ousted former founder since last year when the Court approved the forced takeover.
Okada vs. Tiger Resort:
However, on Monday, November 27, Universal Entertainment Corp, the parent company of the Okada Manila, announced good news for the resort, saying that the petition was denied and the company was officially returned to its owners.
Kazuo Okada submitted a petition against Tiger Resort, Leisure and Entertainment Inc., which currently operates the resort. However, the petition was denied.
The Status Quo Ante Order (SQAO) was issued in April last year, and Tiger Resort was obligated to restore the whole board of directors’ structure from 2017. After that, the dispute claims that the former owner has allegedly been accused of acts and frauds that harmed, or could potentially harm, the company.
Back then, Inside Asian Gaming reported that SQAO’s insurance confirmed that Mr. Okada’s representatives took the operations of Okada Manila under their control, and that situation lasted for three months. However, the Tiger Resort, which was Universal-backed, took the casino again in September last year, when PAGCOR, the Philippine gaming regulator, ordered it.
The results:
As the report states, the Supreme Court of the Philippines’ answer wasn’t what Mr Okada expected. The resolution, which was announced on November 13, stated that the legal action against the operator was submitted after the period for filing an election contest expired. But that’s not all – Okada is now definitely “properly removed as a shareholder, director, chairperson, and CEO of TRLEI.”
The investigation has proven that Okada was the nominal shareholder with only one share, and it was revoked back in 2017 as well. Also, it was found that he isn’t the controlling shareholder of Okada Holdings Limited, the resort’s parent company.
The majority shareholder is Tomohiro Okada, his son, according to the Japanese and Hong Kong courts.
In a filing shared on Monday, Universal said: “With this resolution, this litigation has been concluded, and the SQAO by the Supreme Court has also been immediately lifted. As a result, the Company will recommence the suspended negotiation with the Philippines financial institutions and proceed with the refinancing of its privately placed notes outside Japan with various covenants, such as the limitation on share buy-back issued to fund the ‘Okada Manila’ project. The Company will promptly announce progress that should be disclosed.”
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