Kazuo Okada’s bid to regain control of Okada Manila operator Tiger Resort Leisure and Entertainment Inc. (TRLEI) has suffered a setback after a Manila court ruled his legal claim against his June 2017 ouster was filed too late.
According to the Parañaque Regional Trial Court, Okada’s petition had effectively sought to nullify the election of a new TLREI board last year after his one nominal share in the company had been revoked by its direct parent firm, Tiger Resorts and Leisure in Hong Kong.
However, under corporate law such a petition must be filed within 15 days of the date of removal. Okada only filed his opposition on 29 August 2018.
In her ruling dismissing the case, Judge Noemi Balitaan stated, “The Supreme Court has held that when the plaintiffs own complaint shows clearly that the action has prescribed, such action may be dismissed even if the defense of prescription has not been invoked by the defendant.”
In a recent interview with Inside Asian Gaming, Okada declared his intention to regain control of both TRLEI and Universal Entertainment Corp, the companies he founded and subsequently served as Chairman before being kicked out last year for the alleged misuse of company funds.
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