Philippines Court Resolves Ownership Dispute at Okada Manila

Posted on: November 27, 2023, 11:42h. 

Last updated on: November 27, 2023, 11:42h.

The legal dispute about ownership of Okada Manila has been resolved, with ramifications on the future of the casino. Latest findings suggest a major blow to billionaire Kazuo Okada. Insider details you need to know in the article below.

Okada Manila Philippines casino Kazuo
Assisted by Philippines law enforcement, Okada Manila executives with the casino’s parent company, Tiger Resort, Leisure and Entertainment, resume control of the resort on Sept. 2, 2022. The Philippines Supreme Court this month said the casino’s founder, Kazuo Okada, wrongly seized control of the property during a May 31, 2022, forcible takeover. (Image: Tiger Resort, Leisure and Entertainment)

In a regulatory filing, Universal Entertainment, the Tokyo-based gaming conglomerate that owns and operates Okada Manila in the Philippines’ Entertainment City, revealed that the Philippines Supreme Court earlier this month lifted its Status Quo Ante Order (SQAO) that it issued in April 2022. The court’s ruling followed billionaire Kazuo Okada’s lawsuit against Universal and Okada Manila’s operating umbrella, Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), on allegations that he was wrongly ousted from the companies he founded.

The SQAO ordered Universal/TRLEI to restore its board compensation to its 2017 arrangement when Okada held a seat.

Taking matters into his own hands, Okada used the SQAO to regain control of the Okada Manila governance, where it’s alleged thefts from the casino’s holding have come into sight.

This sensational series of events could have ramifications on future events, including the casino’s future prosperity and merger proposals. As sports betting enthusiastic reader, you need to be up to date with these events. The insider information you need is detailed below in our article.

Exclusives On Ongoing Dispute

Given the Supreme Court’s latest ruling, the case remains far from over. Stay tuned for exclusive updates as they unfold, right here on our site. As the situation remains fluid, find out what actions Kazuo Okada might take next in your latest must-read article.

In the given context, the Supreme Court’s resolution stated that contrary to his claims, Kazuo Okada is not the controlling stakeholder of the ultimate parent company, Okada Holdings Limited (OHL). This is based on foreign judgments issued by Japanese and Hong Kong courts, which are final and recognized in the Philippines. The foreign judgments effectively recognized that Tomohiro Okada is the majority shareholder of OHL.

TRLEI reps believe at least PHP500 million (US$9 million) was stolen from its cash holdings during the three-month period its executives weren’t allowed inside the property. The corporate ownership dispute also resulted in US businessman Jason Ader’s proposal for a merger with his blank check special purpose acquisition company 26 Capital from carrying out its reverse takeover of the casino resort.

Latest Revelations On Legal Battle

As the criminal case against Okada unfolds, sports betting enthusiasts should keep an eye for an upcoming expose. Impacting the landscape ahead, find out how these events could influence the betting world in the upcoming game-changing information section.

In a dramatic development, Okada this past summer was arrested and charged with a single “grave coercion” charge in the Philippines. The charge is in relation to his leading the Okada Manila raid.

Uncover what’s next for bettors and casino enthusiasts as we look into the future outcomes of these events, only right here in the most comprehensive analysis article you will find anywhere on the web.

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