Okada founder goes to court

September 12, 2018
Kazuo Okada

Japanese businessman fights to win back firms ‘illegally’ taken from him.

AS part of his efforts to regain control of the companies that he said were illegally taken away from him, Japanese tycoon Kazuo Okada has sought the court’s intervention with the filing of an intra-corporate suit against Tiger Resorts Leisure and Entertainment, Inc. (TRLEI).

Okada filed a complaint with the Parañaque City Regional Trial Court on Wednesday against TRLEI, Tiger Resorts Asia Ltd. (TRAL) and their respective directors and officers. In his complaint, Okada sought the nullification of his illegal removal as a shareholder and director of TRLEI, the operator of Okada Manila.

Also, Okada prayed for his immediate reinstatement, saying that his illegal ouster as shareholder, director, chairman and chief executive officer of TRLEI is null and void ab initio, for being without authority and in violation of laws. 

According to the suit, in May 2017, Okada was removed as a director of Okada Holdings Ltd. because of some people who allegedly betrayed his trust and confidence.

Okada Holdings Ltd. is a company which Okada himself founded in 2010. It serves as the holding company for all shares in Universal Entertainment Corporation (UEC) owned by the members of Okada’s family.

Okada Holdings Ltd. controls 68 percent of UEC, which through TRAL, owns TRLEI. Okada’s removal as director of Okada Holdings Ltd. resulted in his “unceremonious and illegal” removal from TRLEI in June 2017.

Okada also presented several documents that will prove that his removal from TRLEI was illegal, and therefore he should be reinstated as a shareholder and director.

Earlier, Okada vowed to take back control of the companies that were fraudulently taken away from him.

“These past months have been very harrowing and painful as I witnessed our family being attacked by lies and torn to pieces. My son and daughter were used against me by people whose motives were purely dictated by their desire to rob me of the fruits of my labor. These people, without any pang of guilt, ostentatiously enjoy what does not belong to them,” Okada said in a statement.

Recently, the criminal complaints for estafa and perjury filed against Okada with the Parañaque and Makati Prosecutors’ Office were dismissed for lack of probable cause.

“These trumped-up charges were merely meant to harass me and justify my illegal ouster. Far from being valid cases, their baseless accusations only serve to demonstrate the grand conspiracy perpetrated by my detractors who betrayed my trust. Their real goal is to make sure that my good name is ruined,” Okada said.

With the truth on his side, Okada expressed confidence that he will be victorious in the end.

Meanwhile, Okada said he has received information that there were some people who are planning to conduct a public offering of his company.

Okada insisted that he was not consulted on the matter, nor will he allow the shares of Okada Manila or his other companies be sold to the public.

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