The Okada Manila situation persists with the newest judicial decision opposing Japanese tycoon Kazuo Okada. The Appeals Court of the Philippines dismissed Okada’s request to halt the restoration of the Tiger Resort Leisure and Entertainment Inc. (TRLEI) board of directors.
This legal tactic was Okada’s endeavor to recapture authority over the Okada Manila casino resort, which was dramatically seized from him by a contingent of 50 persons. These individuals, who identified themselves as casino personnel, forcibly ejected Okada and his associates from the property.
Okada’s expulsion followed a Supreme Court Status Quo Ante Order (SQAO) that he construed as granting him dominion over the resort. However, this understanding has been contested, and the recent court determination further undermines his assertion.
The TRLEI board, which Okada formerly headed as CEO, Chairman, and Director, ousted him in 2017 following accusations of misappropriation of funds, illicit financial transactions, and deception. Despite these allegations and his dismissal from the board, Okada attempted to reassert his command, resulting in the present impasse.
This recent event highlights the continuing battle for control of the Okada Manila, a valuable holding in the Philippines’ profitable gaming sector.
In the wake of the appeals court’s ruling, Okada Manila declared that its lawyers would submit the necessary petitions to the highest court on September 2nd. They aim to exhaust all legal options to rectify what they perceive as an illegitimate seizure of the corporation.
