UEC CEO Accuses Okada of Hiding Information in Battle over Okada Manila

UEC CEO Accuses Okada of Hiding Information in Battle over Okada Manila

In Summary:

  • In a continuing dispute over the Okada Manila takeover, UEC CEO Jun Fujimoto has blamed Kazuo Okada for providing false data to the Supreme Court
  • According to Fujimoto, Okada misrepresented the ownership structure of TRLEI, 99% of which is held by TRAL that in its turn is fully owned by UEC
  • UEC is going to press criminal charges against Okada in Hong Kong

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The fierce fight over the control of the Okada Manila Casino Resort keeps on raging with more public statements from the involved parties. This time Universal Entertainment Corp (UEC) CEO Jun Fujimoto has targeted accusations against Kazuo Okada and his representatives.

Okada Accused of Concealing Information

Regarding the ongoing dispute over the control of the Okada Manila Casino Resort, Fujimoto has issued a statement with accusations against Japanese billionaire and founder of the resort Kazuo Okada that he has not disclosed information to the Philippines Supreme Court regarding the ownership structure and stakeholding in the resort. In his statement, Fujimoto highlights that UEC is the sole owner of TRAL, which in its turn holds a 99% stake in TRLEI. This information was not provided to the Supreme Court by Okada.

Fujimoto’s statement is part of an ongoing battle over the control of the resort, which started in the end of May when Kazuo Okada and a group of his representatives organized a physical takeover of the property on the grounds of a status quo ante order from the Philippines Supreme Court, which supposedly allowed Okada and his allies to reinstate themselves as the board of the resort’s operator, Tiger Resorts, Leisure and Entertainment Inc (TRLEI). Consequently, the board of TRLEI was ousted from the venue and Okada and his group started to represent the company. In response, TRLEI’s parent company Tiger Resort Asia Ltd (TRAL) filed a motion for clarification against the Okada group claiming their reinstatement is illegitimate.

Fujimoto Asks the Supreme Court for an Urgent Resolution

Fujimoto has made a request to the Philippines Supreme Court to reverse the status quo ante order and has made allegations that the information provided by Kazuo Okada regarding the ownership of the casino’s operator is false. Fujimoto also added: “The actions of the Kazuo group are unscrupulous and blatantly disregard the law and have put the company and its employees in danger. It harms the Philippines’ international reputation as a center for business and investment.”

Fujimoto is of the opinion that Okada has also violated Hong Kong law and has put forward plans of UEC to press legal charges with Hong Kong authorities against him for embezzlement and fraud.

Due to the actions of Okada and the ongoing legal proceedings, UEC has issued a press release informing about a delay in the announcement of the financial results of TRLEI for the second quarter of 2022 as the company currently does not have access to important documentation.