Tiger opens Tokyo office
Philippines-based Tiger Resort, Leisure and Entertainment, a unit of Universal Entertainment Corp. and operator of the Okada Manila resort in Manila’s Entertainment City, has announced that it will open an office in Tokyo to “study the potential of a casino resort business in Japan.” The branch office will be run by Toji Takeuchi, who joined the executive ranks at Universal in 2009.
At the same time, ousted company founder Kazuo Okada is working to regain control of both Universal and Tiger Resort. In June of last year, the pachinko kingpin—for whom Okada Manila is named—was forced out following allegations that he misappropriated some $20 million in company funds for his personal use. Okada denies the allegations, and has filed suit in the Philippines to take back control of the companies and resume his roles as chairman, CEO and director.
“I plan to get back my company,” he told Inside Asian Gaming. “I need to clear my name and prove I have done nothing wrong.”
Meanwhile, the Japanese billionaire is fuming over the proposed acquisition of Philippine-listed investment holding company Asiabest Group International by Tiger Resort Asia, which could lead to TRA’s backdoor listing on the Philippine Stock Exchange. TRA plans to buy a majority stake—200 million shares—in Asiabest, or 66.6 percent of its issued share capital, for PHP646.5 million (US$12 million). The deal is expected to close November 12 pending approval by the Philippine Amusement and Gaming Corp., the country’s gaming regulator, reported Reuters.
Okada is not happy about the plan. In a September 13 letter to the PSE, he said he will take “the needed action to protect (his) interest” in Tiger Asia. He noted that, though he’s a 34.41 percent owner of the unit, he wasn’t consulted about the Asiabest deal. He is now filing criminal, civil and administrative cases against those responsible for entering into what he called an “illegal” share purchase agreement.
“ABG, as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly that there is a legal controversy on Tiger Asia’s authority to enter into such a transaction,” Okada complained. He promises to file criminal, civil and administrative cases against those involved in any proposed flotation.
In a response to the PSE on September 19, Asiabest said it had “no knowledge, or means to verify the existence, truth, and veracity of the allegations” made by Okada. It said its shareholders “were presented with documents showing that the transaction was duly authorized by Tiger Resort Asia, and that the shareholders relied on the presumption of regularity of such documents.”
Okada is undoubtedly tantalized by the prospect of leading the company as it bids on Japan but his future there is not assured. He was detained and questioned in Hong Kong for “corruption-related offenses” last month, reported Casino.org, and an investigation by Hong Kong authorities is believed to be ongoing. But the entrepreneur continues to proclaim his innocence.
“All the allegations made against me are entirely false,” Okada told This Week in Asia. “Universal is simply attempting to irreparably damage my reputation. I am confident that the investigation will prove the absurdity of these allegations and that I will be able to regain control of the companies I founded.”
