MANILA, Philippines: 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, the parent company of Okada Manila, the Supreme Court recently issued a resolution denying Kazuo Okada’s petition 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 status quo ante order (SQAO) that it issued last year,” said Fujimoto in the notice.
On April 27, 2022, the Supreme Court issued a status quo ante order that directed Kazuo Okada’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 explained that the Supreme Court resolution dated November 13, 2023, ruled that Kazuo Okada’s action was filed beyond the period for filing an election contest. The High Court also ruled that he was properly removed as a TRLEI official.
Furthermore, the Supreme Court confirmed that Kazuo Okada was a mere nominal shareholder in TRLEI, with only one nominal share that had already been revoked in 2017.
According to Fujimoto, the resolution also stated that, contrary to Kazuo Okada’s claims, he 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 Okada’s group took over Okada Manila in June 2022, implementing the High Court’s status quo ante order.
The Manila Times is currently attempting to obtain a response from Kazuo Okada’s group as of the time of posting.
Insights and Commentary:
The recent developments surrounding Kazuo Okada’s removal from Okada Manila have brought closure to a long-standing legal battle. The Supreme Court’s resolution denying Okada’s petition in the intra-corporate case has effectively ended his attempt to regain control of the casino hotel.
It is worth noting that the Supreme Court also lifted the status quo ante order (SQAO) that had temporarily reinstated Okada as a shareholder, director, chairman, and CEO of the company operating Okada Manila. This decision emphasizes the finality of the court’s ruling and affirms the authority of the current management.
The legal dispute stemmed from allegations of fund misuse and fraud that led to Okada’s removal from his post in 2017. The Supreme Court’s ruling, based on the resolution dated November 13, 2023, concluded that Okada’s action was filed beyond the allowable period for an election contest. This finding solidifies the legitimacy of his removal as an official of Tiger Resorts Leisure and Entertainment Inc. (TRLEI).
Furthermore, the Supreme Court clarified Okada’s status as a shareholder in TRLEI. The court confirmed that he held only one nominal share, which had already been revoked in 2017. This clarification dispels any claims of substantial influence or control over the company.
The resolution also addressed Okada’s assertion of being the controlling stockholder of Okada Holdings Limited (OHL), the ultimate parent company. The Supreme Court referred to foreign judgments issued by Japanese and Hong Kong courts, which recognized Tomohiro Okada as the majority shareholder of OHL. These foreign judgments carry weight and are legally recognized in the Philippines, further discrediting Kazuo Okada’s claims.
Kazuo Okada’s group took over Okada Manila in June 2022, following the implementation of the High Court’s status quo ante order. However, with the recent Supreme Court resolution, it is clear that Okada’s group no longer holds any legal authority over the casino hotel.
As of the time of writing, The Manila Times is seeking a response from Kazuo Okada’s group to provide their perspective on the matter. Their input would offer valuable insights into their future plans and potential actions in light of the Supreme Court’s ruling.
In conclusion, the resolution issued by the Supreme Court has definitively removed Kazuo Okada from his positions of authority at Okada Manila. The legal proceedings have come to a close, and the current management can now focus on the continued success and growth of the casino hotel.
Source: The Manila Times
