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Kazuo Okada group insists on legitimacy amid warning from rival Okada board
Kazuo Okada group insists on legitimacy amid warning from rival Okada board
ABS-CBN News
Published Jun 14, 2022 10:06 PM PHT
Okada Manila. Jonathan Cellona, ABS-CBN News file photo
MANILA - The group of Japanese businessman Kazuo Okada on Tuesday insisted that it is the legitimate Board of the Okada Manila resort and casino.
This followed a statement from a rival group claiming to be the legitimate owners of Okada Manila warning the public not to transact with present Board of Tiger Resort Leisure and Entertainment Inc (TRLEI) which operates the casino hotel.
Earlier on Tuesday, Tiger Resort Asia Ltd dubbed the TRLEI Board led by Kazuo Okada, Tonyboy Cojuangco, and Dindo Espeleta as “illegitimate.”
“Any transaction supposedly made on behalf of TRLEI by Kazuo Okada, Cojuangco, and Espeleta or their agents and representatives will not be honored or recognized by TRAL,” said TRAL, which also said it owns 99.99 percent of the shares in TRLEI.
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The Hong Kong-listed TRAL also advised the public “to only conduct business with the TRAL-recognized board of TRLEI led by Hajime Tokuda and Byron Yip.”
The Kazuo Okada group meanwhile said TRAL’s statement was an “attempt to undermine the authority and jurisdiction of the Supreme Court of the Philippines.”
The group cited the Supreme Court’s Status Quo Ante Order which led to Kazuo Okada being reinstated as board chairman.
“As such, Mr. Okada, through his Board of Directors, is exercising such powers and functions to ensure the continuing viability of Okada Manila to provide service and entertainment to the public and employment to its thousands of employees,” the Kazuo Okada group said in a statement.
It added that until the Supreme Court resolved the legal issues on Okada’s ouster, “Okada Manila remains in operation under the leadership of Mr. Okada.”
The Japanese businessman played a leading role in developing, managing and promoting Okada Manila, a $2.4 billion casino resort that opened in 2017.
But he was ousted from TRLEI’s Board that same year over an allegedly anomalous $17 million loan.
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