Okada: Legal battle not yet over

February 08, 2019
Okada Hotel

THE camp of casino magnate Kazuo Okada insisted that the fight to regain control of his company is not yet over, saying the Tokyo decision regarding the agreement between his two children is not yet final.

In a statement issued by the casino magnate’s lawyers, they said Okada’s daughter, Hiromi, plans to appeal the Tokyo decision in the complaint filed against her by brother, Tomohiro.

“Until the decision becomes final, the fight is not yet over and Kazuo Okada remains in control of Universal Entertainment Corporation (UEC) as 99 percent owner of Okada Holdings Limited,” the lawyers said.

Okada Holdings Limited (OHL) owns 68 percent of UEC, the parent company of Tiger Resort Leisure and Entertainment, Inc. (TRLEI), the operator of Okada Manila

Okada also slammed TRLEI’s plan to change the name of Okada Manila, saying the company needs their client’s consent before it could happen.

“As the rightful owner of Okada Holdings, how can they not consult him on matters regarding his company and his property,” the lawyers pointed out, adding that the casino mogul also remains opposed to the backdoor listing that was reported by different media entities.

“He was not consulted at all in that transaction and he will file cases against those responsible for the backdoor listing,” Okada’s lawyers said.

Okada issued the statement amid newspaper reports about the backdoor listing undertaken by Tiger Resorts Asia Limited (TRAL) and TRLEI’s plan to change Okada Manila’s name.

Kazuo Okada and his daughter had filed civil and criminal proceedings in Hong Kong to regain control of Okada Holdings.

They also want to secure criminal convictions for fraud and financial crimes those responsible for his alleged illegal ouster as Sole Director and/or Chairman of Okada Holdings, UEC, Tiger Resort and Okada Holdings in 2017.

Among those charged by the Okadas include Kazuo Okada’s son Tomohiro Okada and Jun Fujimoto, current President and CEO of UEC.

In the Tokyo case, Hiromi testified that Tomohiro took advantage of her weak emotional state to trick her into signing two share trust agreements dated March 2 and May 23, 2017 that led to the illegal ouster of their father from OHL.

In her testimony, Hiromi claimed Tomohiro did not explain to him the contents of the documents that she signed, contrary to the claim of his brother.

“On that day (March 2, 2017), I was going overseas again the following day, so I was really tired. There was no explanation. In a few minutes I signed them and it was over,” said Hiromi, who reconciled with her father in August 2017.