Japanese gaming mogul Kazuo Okada, who’s tried for years to regain control of his former company, Universal Entertainment Corp., has lost a final round of the battle in the Philippines Supreme Court. Universal is the parent of the eponymous Okada Manila resort, in the capital city’s Entertainment City casino zone.
Last week, the Supreme Court lifted a status quo ante order (SQAO) that supposedly restored Okada to the company’s board of directors in 2022, along with the directors who sat on the board in 2017.
That year, the billionaire was ousted from Universal and another company he founded, Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the direct operator of Okada Manila, on charges that he embezzled company funds. Okada has denied all wrongdoing, and ever since has tried to reclaim the companies.
In May 2022, following the SQAO, Okada’s minions physically seized control of the Manila integrated resort (IR), and occupied the property until September, when the legitimate board resumed control.
On November 13, the Supreme Court issued a resolution “denying a petition” by Okada in his case against TRLEI, stated Universal Entertainment. “With the denial of Kazuo Okada’s petition, the Supreme Court also immediately lifted the status quo ante order that it issued last year,” the company said.
“The resolution ruled that Kazuo Okada’s action had prescribed or was filed beyond the period for filing an election contest. It also ruled that Kazuo Okada was properly removed as shareholder, director, chairperson and chief executive officer of TRLEI.”
Universal added that the “litigation has been concluded.”
With the dispute resolved, the company said it would “recommence the suspended negotiation with the Philippines financial institutions and proceed with the refinancing of its privately placed notes outside Japan … issued to fund the ‘Okada Manila’ project.”
According to the Manila Bulletin, the court order also acknowledged that Tomohiro Okada, son of Kazuo, is the majority shareholder of Okada Holdings Ltd.
