Operator News
Philippines – Okada files suit against Tiger Resort
By Phil - 10 September 2018
Former Universal boss Kazuo Okada has filed a lawsuit against Tiger Resort Leisure and Entertainment, the casino division of Universal Entertainment and operator of Okada Manila in the Philippines– in an attempt to regain control of his former business interests.
Mr. Okada, who has denied any wrongdoing, said: “I plan to get back my company. I need to clear my name and prove I have done nothing wrong.”
The Japanese businessman has filed a suit against Tiger Resort at the Parañaque City Regional Trial Court looking to make his sacking from the board null and void ‘for being without authority’ and violating corporation code. He wants to be reinstated as shareholder, director, Chairman and CEO.
In the filing Mr Okada says that his daughter Hiromi was talked into transferring her shares to his son Tomohiro. He thenn used the controlling stake to appoint two new directors who then kicked Mr Okada out of the company for allegedly stealing $20bn in company funds.
“Hiromi was deceived to sign documents that caused Mr Okada’s invalid removal from OHL. She was made to sign these documents without being given the opportunity to read and understand their contents,” the complaint read.
Tiger Resorts is believed to be considering taking over investment holding firm Asiabest Group International (ABG) and then making a play on the Philippine Stock Exchange.
