Japanese gaming tycoon, removed from Okada Manila
Tuesday 28 de November 2023 / 12:00
⏱ 2 min read
(Manila).- Japanese gaming tycoon Kazuo Okada has been officially removed from Okada Manila following the lifting of the Supreme Court order that temporarily reinstated him as a shareholder, director, chairman and chief executive officer (CEO) of the company operating the casino hotel.
In a notice dated November 27 issued by Jun Fujimoto, representative director and president of Universal Entertainment Corporation, parent company of Okada Manila, the Supreme Court recently issued a resolution denying the petition of Kazuo in the intra-corporate case he filed against Tiger Resorts Leisure and Entertainment Inc. (TRLEI).
"With the denial of Kazuo Okada's petition, the Supreme Court also lifted immediately the SQAO that it issued last year," said Fujimoto in the said notice
On April 27, 2022, the Supreme Court issued a status quo ante order that directed Kazuo's immediate reinstatement as an official of TRLEI until the High Court could determine whether he was lawfully removed from his post in 2017 for alleged fund misuse and fraud.
Fujimoto said the Supreme Court resolution dated Nov. 13, 2023 ruled that Kazuo's action was filed beyond the period for filing an election contest.
He said the High Court also ruled that he was properly removed as TRLEI official.
Furthermore, the Supreme Court confirmed that Kazuo was a mere nominal shareholder in TRLEI with only one nominal share which had already been revoked in 2017.
According to Fujimoto, the resolution also said that contrary to his claims, Kazuo is not the controlling stockholder of Okada Holdings Limited, the "ultimate parent company," based on foreign judgments issued by Japanese and Hong Kong courts, which are final and recognized in the Philippines.
"Said foreign judgments effectively recognized that Tomohiro Okada is the majority shareholder of OHL," he added
Kazuo's group took over Okada Manila June 2022 implementing the high court's status quo ante order.
The Manila Times is trying to get the side of Kazuo's group as of posting time.
Categoría:Casino
Tags: Sin tags
País: Philippines
Región: Asia
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