The Tiger Resort Asia Ltd (TRAL) backed board of Okada Manila operator Tiger Resorts, Leisure and Entertainment Inc (TRLEI) has refuted suggestions that the Kazuo-Okada led group which took control of the property in May has been responsible for rising visitation.
At a press conference held in Manila on Monday, the Kazuo Okada-group revealed that foot traffic at Okada Manila had grown 8% in May, reaching around 74% of its pre-COVID levels with more shops and entertainment attractions due to open soon.
But in a statement issued late Monday, the opposing TRAL-backed board – which was removed from the property during a forced takeover on 31 May – said any claims that the Kazuo Okada-group was responsible for the increase is “absurd and without factual basis.”
Citing various health and safety, sustainability and marketing measures it put in place while operating the integrated resort, the TRAL-backed board added, “Now that we are at a more comfortable space into the pandemic, almost all businesses in leisure, entertainment, gaming and tourism expect an upswing in booking requests, revenues and visits owing to the revenge travel phenomenon.
“To claim that the Kazuo Group’s one-month seizure of Okada Manila magically resulted in significant growth in the company’s revenues is just plain and blatant falsehood.
“The growth that Okada Manila is experiencing today is driven largely by the strong recovery plan that the legitimate TRLEI board developed and is influenced by the pent-up demand for travel and leisure activities.”
At Monday’s press conference, the Kazuo Okada-led board of TRLEI continued to assert that Kazuo Okada remains the legal figurehead of the company despite being removed in 2017 amid allegations of fraud. In particular, it disputed claims from the ousted board that Kazuo Okada holds only a single share in TRAL – which in turns owns 99.9% of TRLEI shares – and is therefore not entitled to assume controlling stake.
“They always say that he only has one share,” said Kazuo Okada group lawyer Norman Golez. “That’s not true. That’s very misleading.
“Ultimately, there are pending cases that have yet to determine who the true legal and beneficial owner is of practically supermajority of the shares in Okada Manila or TRLEI.”
In response, the TRAL-backed board said, “Despite being the namesake of the integrated casino resort, Kazuo Okada, who has 29 pending criminal and civil cases in six countries around the world, was ousted from TRLEI, TRAL and UEC in 2017 after an internal investigation revealed that he stole $20 million for personal gain.
“His ouster was not unexpected and was in fact seconded by the Japanese Supreme Court, which ordered him to pay back the amount. To date, Kazuo Okada has yet to return the money he stole from the company.
“Any future plans that he and his cohorts project are baseless and are without merit, as TRAL does not recognize – much less support – him or his henchmen in conducting the business of Okada Manila.
“We have faith that the Philippine Supreme Court will act with dispatch to put to rest this intra-corporate dispute that has affected the 5,000-strong employees of Okada Manila, its suppliers and its investors.”
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