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Summary:
- Kazuo Okada has been formally removed from the TRLEI board after a ruling from the Supreme Court
- The resolution brings to an end a long-standing ownership dispute involving Okada Manila
- Parent company Universal Entertainment will now proceed with refinancing efforts for the casino resort
Billionaire Kazuo Okada is no longer part of the board of Tiger Resort, Leisure and Entertainment Inc (TRLEI), the operator of Okada Manila.
Universal Entertainment, TRLEI’s parent company, announced this week that the Philippine Supreme Court had lifted the “status quo ante order” (SQAO) it issued in April 2022, formally removing the Japanese gaming tycoon as a shareholder, director, chairperson, and chief executive officer of TRLEI.
Okada Petition Dismissed, SQAO Lifted
Okada has been involved in a long-standing ownership dispute concerning Universal Entertainment and TRLEI. The Japanese billionaire businessman founded both companies but was removed from his leadership role in June 2017 over allegations of fraud and financial mismanagement. Denying the accusations against him, Okada has fought to reclaim his position which led to the “violent” takeover of Okada Manila in May 2022 by his camp.
Okada and his cohorts used the SQAO issued by the Supreme Court in April of that year, which reinstated the composition of the TRLEI board to how it was before Okada was ousted, as a justification for the takeover.
Okada’s camp had taken charge of Okada Manila for several months before Universal Entertainment regained control of the casino resort in September 2022 following an order from the country’s gaming regulator, the Philippine Amusement and Gaming Corp (PAGCOR).
On November 13, 2023, the Supreme Court issued a resolution relating to a petition filed by Okada which sought to annul previous rulings from the Court of Appeals (CA) regarding an intra-corporate complaint he filed against TRLEI.
According to the resolution, Okada’s action was filed beyond the period for filing an election contest. The country’s highest court also ruled that Okada was “properly removed” from his leadership positions at TRLEI and that he is not the controlling stockholder of Okada Holdings Limited (OHL), a Hong Kong company that owns 67.9% of the shares of TRLEI’s parent company.
The Supreme Court ruled that Okada’s petition has no merit and therefore the SQAO must also be immediately lifted.
Universal Entertainment to Recommence Refinancing Efforts
The Supreme Court resolution formally puts an end to the Okada Manila takeover saga, with its founder now officially out of the company. Universal Entertainment said it would now resume negotiations with Philippine financial institutions and proceed with refinancing efforts for Okada Manila.
