Okada seeks court relief to regain firms

Japanese gaming tycoon Kazuo Okada has sought relief from the court to regain control of the companies, which he said were illegally taken away from him.

In a complaint filed last week before the Parañaque City regional trial court (RTC), Okada sought judicial intervention in his dispute with the executives of Tiger Resorts Leisure and Entertainment Inc. (TRLEI).

The Japanese billionaire specifically questioned the move of the TRLEI, Tiger Resorts Asia Ltd. (TRAL) and their respective directors and officers to remove him as chairman and chief executive officer of TRLEI, which operates Okada Manila.

He asked the court to order his immediate reinstatement in the TRLEI board, saying that his illegal ouster from the company was null and void.

Based on the lawsuit, Okada was removed as director of Okada Holdings Ltd. in May last year.

Okada Holdings Ltd. is a firm that he founded in 2010. It serves as the holding company for all shares in Universal Entertainment Corp. (UEC) owned by members of Okada’s family.

The firm controls 68 percent of UEC, which through TRAL, owns TRLEI.

His removal from Okada Holdings Ltd. resulted in his ouster from the TRLEI in June 2017.

Okada submitted to the court several documents to prove that his removal from the TRLEI was illegal, and therefore he should be reinstated as a shareholder and director.

Earlier, Okada vowed to take back control of his companies.

The complaints for estafa and perjury filed against Okada before the Parañaque and Makati prosecutors’ office have been dismissed for lack of probable cause.

“These trumped-up charges were meant to harass me and justify my ouster. Far from being valid cases, their baseless accusations only serve to demonstrate the grand conspiracy perpetrated by my detractors. Their goal is to make sure that my good name is ruined,” Okada said.

Meanwhile, Okada said he has received information that the usurpers were planning to conduct public bidding of his company.

He said he would not allow the shares of Okada Manila or his other companies be sold to the public.