Tiger Resort, Leisure and Entertainment Inc. (TRLEI), controller of the Okada Manila integrated resort in the Philippine capital, will not accept a bid by its founder, Japanese billionaire Kazuo Okada, to return to the Tiger Resort board.
Okada was removed from the board in June 2017 after allegations that he embezzled company funds. At the same time, he was ousted from the board of Japanese conglomerate Universal Entertainment Corp., which controls TRLEI, and which he also founded.
TRLEI has filed a motion with the Philippine Supreme Court asking that it revoke an order that would restore Okada to the board. In a May 12 statement, the company said, “The Philippine Supreme Court’s issuance of a status quo ante order, a temporary measure, does not change the ownership structure of TRLEI, nor will it impact our operations.”
The statement continued, “The removal of Mr. Kazuo Okada as chairman, chief executive, director and nominal stockholder of TRLEI in 2017 was valid and legal. It was done upon the instructions of our parent company. In the Philippines, both the Regional Trial Court and the Court of Appeals confirmed the validity and legality of his removal.”
The company continued, “We would like to highlight that any issue on Mr. Okada’s removal can only be decided in Japan. In fact, the Japanese Supreme Court issued a final decision in 2020 affirming the validity and legality of Mr. Okada’s removal from TRLEI.”
Okada has denied the allegations against him and has tried over the years to regain control of his former companies.
An unnamed legal expert told Inside Asian Gaming the status quo ante order “requires the return of the state of affairs prior to filing of the case. In the case of Okada [that means] his return to his board seat and position as CEO with TRLEI when he was evicted by the other group.
“What it means for TRLEI is that they need to comply with the Supreme Court’s order for the reinstatement of Okada. They can opt to file a Motion for Reconsideration, but the Supreme Court rarely reverses itself and the reinstatement is likely inevitable.”
