Week two of the takeover of Okada Manila by the former chairman, Kazuo Okada, progressed with both sides bickering but the “status quo” restored.
The situation resulted from the Philippine Supreme Court issued a “status quo ante order” that insisted Okada be restored to the chairmanship of the board of directors of Tiger Resort, Leisure and Entertainment, Inc., the owner of the property, after it found no evidence of wrongdoing by the Japanese billionaire. A group backing Okada, along with about 50 policeman, stormed the property on May 31 to enforce the ruling. Philippine gaming regulator PAGCOR said it the group included its observers to ensure the takeover was legal.
The new board said the takeover would be good for the property.
“Chairman Okada also emphasized that it is his fervent desire for all stakeholders to know that his board of directors is sincere in its pursuit to better serve the needs of its employees while at the same time elevating Okada Manila to greater heights of success.”
The parent company of Tiger, Universal Entertainment, accused Okada of a “violent” takeover, and last week the former board of Tiger sued the Okada group, accusing it of coercion and misconduct during the “violent and illegal” takeover of the property.
Hajime Tokuda, director of Universal Entertainment Corporation and CEO of Okada Manila, claimed that he was “manhandled” out of Okada Manila and driven away in a car.
“Inside the car, there were two security guards beside me,” he said in a statement. “I felt like I was a criminal surrounded by officers—just like in TV. I didn’t know where they will bring me. They were talking, but because I cannot speak English very well, I did not understand them.”
PAGCOR, meanwhile, responded to Universal’s claim that it was biased toward Okada, saying all it was doing was following the “law and court processes,” which required it to comply with the Supreme Court order.
“PAGCOR emphasizes its neutrality in the intra-corporate dispute in Tiger Resort, Leisure and Entertainment, Inc., in light of news reports accusing the regulator that it is biased in favor of the group of Mr. Okada,” the statemen continued. “PAGCOR has only recognized and will only recognize, the orders of the Supreme Court and will exercise its authority as regulator without violating or disrupting the status quo ante order and other orders issued by the Supreme Court.”
PAGCOR said it would not comment further because of ongoing litigation and doesn’t want to be held in contempt of court by doing so.
