Kazuo Okada group says ‘no disruption’ as rival group says firm's bank accounts frozen | ABS-CBN
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Kazuo Okada group says ‘no disruption’ as rival group says firm's bank accounts frozen
Kazuo Okada group says ‘no disruption’ as rival group says firm's bank accounts frozen
ABS-CBN News
Published Jun 20, 2022 07:31 PM PHT
MANILA - The group of Japanese gambling billionaire Kazuo Okada on Monday downplayed the reported freezing of Okada Manila’s bank accounts, and said it was “business as usual” at the casino resort.
MANILA - The group of Japanese gambling billionaire Kazuo Okada on Monday downplayed the reported freezing of Okada Manila’s bank accounts, and said it was “business as usual” at the casino resort.
A rival group, which claims to be the legitimate operator of Okada Manila, earlier said the casino resort’s bank accounts had been frozen, “casting doubt on its operational stability after its cage money runs dry.”
A rival group, which claims to be the legitimate operator of Okada Manila, earlier said the casino resort’s bank accounts had been frozen, “casting doubt on its operational stability after its cage money runs dry.”
In a statement, Tiger Resort Leisure and Entertainment Inc (TRLEI) legal counsel Estrella Elamparo said three major commercial banks holding Okada Manila’s accounts had frozen these due to the intra-corporate dispute in the company.
In a statement, Tiger Resort Leisure and Entertainment Inc (TRLEI) legal counsel Estrella Elamparo said three major commercial banks holding Okada Manila’s accounts had frozen these due to the intra-corporate dispute in the company.
“We expect Okada Manila’s funds to dwindle in the coming weeks, putting not only guests at the losing end, but at the same time putting at risk its over 5,000 employees, many of whom rely on their salaries to meet their daily needs,” Elamparo said.
“We expect Okada Manila’s funds to dwindle in the coming weeks, putting not only guests at the losing end, but at the same time putting at risk its over 5,000 employees, many of whom rely on their salaries to meet their daily needs,” Elamparo said.
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The Kazuo Okada group meanwhile said Okada Manila was meeting all of its financial obligations and that all “ongoing business transactions are right on track.”
The Kazuo Okada group meanwhile said Okada Manila was meeting all of its financial obligations and that all “ongoing business transactions are right on track.”
The group said the reported bank freeze has no effect at all on Okada Manila's commitment to its partners and valued patrons.
The group said the reported bank freeze has no effect at all on Okada Manila's commitment to its partners and valued patrons.
“Management is closely working with the banks in order to provide continued support to Tiger Resort Leisure and Entertainment Inc.’s business needs,” Okada’s group said in a statement.
The Okada group also said its employees will continue to be paid.
“Management is closely working with the banks in order to provide continued support to Tiger Resort Leisure and Entertainment Inc.’s business needs,” Okada’s group said in a statement.
The Okada group also said its employees will continue to be paid.
“There will be no disruption in the operations of Okada Manila and that definitely includes the salaries and compensation of its employees,” the Okada group said.
“There will be no disruption in the operations of Okada Manila and that definitely includes the salaries and compensation of its employees,” the Okada group said.
Kazuo Okada was removed by the TRLEI as shareholder, director and chairman of the company in June 2017 over an allegedly anomalous $17.3-million loan.
Kazuo Okada was removed by the TRLEI as shareholder, director and chairman of the company in June 2017 over an allegedly anomalous $17.3-million loan.
The case however has reached the Supreme Court, which issued a Status Quo Ante Order on April 27, 2022, ordering parties to return to the situation before Okada was removed.
The case however has reached the Supreme Court, which issued a Status Quo Ante Order on April 27, 2022, ordering parties to return to the situation before Okada was removed.
Last May 31, Kazuo Okada’s group took over the operations of Okada Manila despite objections from TRLEI.
Last May 31, Kazuo Okada’s group took over the operations of Okada Manila despite objections from TRLEI.
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