MANILA, Philippines – Century Properties Group (CPG), a property company owned by the Antonio family, won a court injunction against Japanese gaming tycoon Kazuo Okada, after the latter rescinded its partnership with CPG early this year.
The Makati regional trial court branch 66 overturned its earlier decision, and granted the appeal of Century Properties to protect its legal interests and exclusivity rights in the agreement, which was terminated by Okada’s Universal Entertainment Corp.
The court's injunction in effect prohibits the Okada group from terminating its investment agreement with CPG, as well as dealing with any other party for the sale and development of the project.
In October 2013, CPG and the Okada Group struck an investment agreement to co-develop a five hectare luxury commercial-residential property within the Entertainment City complex, as well as be an investor, was called upon to be a shareholder of Eagle 1, and developer of the 5-hectare luxury commercial-residential property within the Manila Bay Resorts.
Century executed the binding documents then and immediately thereafter engaged in due diligence, and made the necessary arrangements for the investment in Eagle 1.
The transaction, if it comes to a close, would make Century a 36 percent part-owner of the firm that owns the Manila Bay Resorts, a gaming complex of the Okada Group. In addition, Century also signed up with exclusivity rights to build luxury residential and retail properties on a five-hectare potion of the complex.
Another company that is unaffiliated with Century, the privately held First Paramount Holdings, was supposed to acquire 24 percent of the firm.
However, on March 26, Century received from the Okada Group a Notice of Termination of the Investment Agreement, which it strongly contested as it was "premature, unfounded and lacks legal and contractual basis."
Century said it had sent a Notice of Dispute to the Okada Group on March 21, 2014, which triggered a mandatory 21-day discussion period by the parties. Such 21-day period is still in effect, yet the Okada Group sent such Notice of Termination.
On March 31, Century disclosed that it had issued a Supplementary Notice of Dispute to the Okada Group.
Century filed a Petition for Interim Measure of Protection (For Issuance of Writ of Preliminary Injunction, Writ of Preliminary Mandatory Injunction and Writ of Preliminary Attachment/ Garnishment and ex parte 20-day Temporary Order of Protection) against Eagle I Landholdings, Inc., Eagle II Holdco, Inc., and Brontia Limited before the Makati court in April.
In May, the court denied and dismissed Century’s petition, prompting Century to file a motion for reconsideration.