The recent takeover of Philippines integrated resort Okada Manila by company founder Kazuo Okada has led Japan’s Universal Entertainment Corp to delay release of property’s 2Q22 results due to an inability to access any financial information.
Universal confirmed this week that it cannot release the quarterly update for its subsidiary and Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) because Kazuo Okada and his associates “have refused to provide any information whatsoever to the company, leaving it unable to disclose a preliminary report according to its normal schedule.”
This follows a group representing Kazuo Okada taking control of Okada Manila in late May to enforce a Status Quo Ante Order (SQAO) issued by the Supreme Court of the Philippines ordering restoration of the composition of the board of directors of TRLEI to its 2017 line-up, before a dispute that saw Kazuo Okada removed from the UEC board.
In announcing the delay to release of its financial results, Universal said it has established achieving the reclamation of Okada Manila via legal means as its basic policy, and promised to pursue legal action against Kazuo Okada in Hong Kong – home to TRLEI’s parent Tiger Resort Asia Ltd (TRAL), which holds 99.9% of TRLEI voting rights.
“We believe the acts made by Mr Okada and his collaborators fall into serious violation of Hong Kong law, including falsification of official documents, fraud and embezzlement and will file criminal charges against them with the Hong Kong authorities to pursue responsibilities for these acts.”
The company recently filed a motion with the Second Division of the Supreme Court to reconsider the SQAO.
“The company will promptly disclose the quarterly results of TRLEI as soon as it has successfully verified the figures and reliability thereof,” Universal said.
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