Gaming tycoon Kazuo Okada files suit vs Tiger Resort

ABS-CBN News

Posted at Sep 09 2018 07:00 PM

MANILA - Japanese tycoon Kazuo Okada has filed an intra-corporate suit against Tiger Resorts Leisure and Entertainment, Inc. (TRLEI), his camp said Sunday.

Okada filed the suit against the firm before a Parañaque court, seeking to regain control of the companies he believes were illegally taken from him. 

In his complaint, Okada urged the court to void his supposed illegal ouster and to order his immediate reinstatement as shareholder, director, chairman, and chief executive officer of TRLEI.

Tiger Resort removed the Japanese billionaire as board chairman of TRLEI in 2017. 

Okada Manila, which is under TRLEI, said the move was prompted "as a consequence of the recent actions at Universal Entertainment Corporation," which the resort casino belongs to.

The tycoon had earlier vowed to take back control of the companies. 

Meanwhile, Okada said he has received information that a public offering of his company is being planned. He said he was not consulted on the matter.

He said this will allow the shares of Okada Manila or his other companies be sold to the public. "Let the public be forewarned about this," Okada warned.