Kazuo Okada’s feud with Universal Entertainment has spilled over to the Philippine Stock Exchange, where Manila casino operator Tiger Resort Asia has plans to become a public company.
Tiger, the Universal subsidiary that owns the US$2.4 billion Okada Manila, is looking to acquire 200 million shares in a PSE-traded company, Asiabest Group, and thus enter the exchange through what is known as a back-door listing.
Okada wants the exchange to block Tiger’s bid, claiming Universal has no authority to proceed with it.
“There exists, at bare minimum, a serious issue as to whether (Universal President Jun) Fujimoto et. al. are legitimate directors/officers of Tiger, and the rest of the Okada companies, that can act for and on behalf of said companies,” attorneys for the Japanese machine gaming tycoon said in a letter to the PSE.
“The backdoor listing is not authorized and is opposed by the casino magnate, the true and legal beneficial owner of controlling shares, and chairman or sole director, in all Okada companies”
Okada and Tokyo-based Universal, which he founded, have been locked in a bitter court battle since Universal ousted him as chairman in 2017, claiming he misappropriated tens of millions of dollars.
The fallout has since made its way to Hong Kong, where Okada was arrested in August on corruption-related charges and released on bail.
He is also wanted in the Philippines, where a court issued a warrant for his arrest earlier this month in connection with a fraud investigation.
Okada has denied any wrongdoing and has accused Universal’s directors of illegally seizing control of the company.
