Ousted Tiger Resort board files a case against Kazuo Okada and his partners for alleged kidnapping. It involves accusations of harassment and other mischiefs pertaining to the “aggressive and unlawful” takeover of Okada Manila last week.
No Authorization for Casino Resort’s Seizure
On May 31st, Okada’s group, together with private security guards and local police took over Tiger Resort, Leisure & Entertainment known as Okada Manila. It is owned by Japan’s Universal Entertainment Corporation valued at $3.3 billion.
The scheme blows in following the Philippines’ Supreme Court issuance of “status quo ante order,” in April. It brings back Okada who was ejected as the casino CEO in 2017. Additionally, in January, the country’s Court of Appeals repudiated a misappropriation charge against Okada and a collaborator.
However, according to the demoted board of Tiger Resorts, the court didn’t give Okada’s group any authorization to seize the gambling establishment, let alone create a new board. They are also requesting an explanation from the Supreme Court regarding its order.
“At this moment, it is an illegitimate board and set of officers who are running the business,” Satate said, adding that the casino operator’s parent company would not honor any business dealings conducted by the new board. Universal, which has seen its shares slide 10% since the takeover, has also called the seizure of the casino an “illegal occupation,” said Michiaki Satate, displaced Tiger Resort board co-vice chairman.
They accused Okada’s camp of forcefully taking Universal director Hajime Tokuda away from the establishment’s premises, bringing him to a place near his home. Likewise, they charged Okada’s group as they apparently harmed other company officers with hostility, involving grave intimidation during the takeover.
However, according to Vincent Lim, all accusations against Okada and his group are pure deception and without legal basis. Lim is Okada Manila’s current management spokesperson. They insisted that Okada’s camp has no authority to take leadership of the gaming company because he has only one nominal share in Tiger Resort.
“Deception” in the Number of Shares
Satate noted that Okada misled the Supreme Court that he’s a major stakeholder of Okada Holdings Ltd. (OHL). He said that Okada’s supposed false claim became the grounds for the high court’s verdict that granted Okada’s petition for the status quo ante order.
“Clearly, respondents took the law into their hands, without regard to law and due process, just so they could swiftly take over the premises of Okada Manila and usurp the board of directors and officers of (Tiger Resort),” Lorenzana said.
Satate added that the bank is currently monitoring the developments. In the meantime, the ousted Tiger Resort board can’t return to Okada Manila’s premises.