Son tells dad to vacate Okada
Battle for control of casino and resorts giant Okada Manila became an issue between father and son after Tomohiro Okada told the camp of father Pachinko king Kazuo to "vacate Okada Manila now and stop a corporate heist."
Tomohiro has control over Okada Manila parent Okada Holdings Ltd. (OHL) based in Hong Kong. He has 53.27 percent of OHL voting rights, while Kazuo only has a minority voting stake.
Tomohiro also directed the group of his father to immediately vacate Okada Manila and stop the perversion of the temporary relief that the Supreme Court issued in April.
The Japanese Supreme Court has ruled with finality that Tomohiro rightfully controls the voting rights of 53.27 percent of OHL, the parent company, while the rest are held by his disgruntled father Kazuo.
The Japanese tribunal ruling settled the issue in an intracorporate dispute filed by Tomohiro’s sister, Hiromi.
In 2017, Tomohiro, who held 43.48 percent of OHL shares, signed a Trust Agreement with his sister Hiromi, who held 9.78 percent, resulting to control of the global company to Tomohiro.
Trust deal crucial
The Trust Agreement is binding for 30 years which means that Kazuo cannot regain control of OHL for three decades unless Tomohiro sells his shares or rescinds the Trust Agreement.
Given the finality of the Japanese Supreme Court ruling, all the other cases purportedly filed by Kazuo in Chiba, Japan, assailing the majority control of Tomohiro are exercises in futility.
Through his majority stake in OHL, Tomohiro controls Tokyo-listed Universal Entertainment Corp. (UEC), which wholly owns Hong Kong-based Tiger Resorts Asia Ltd. (TRAL). Tiger Resort Leisure and Entertainment Inc. (TRLEI), which operates Okada Manila, is 99.99-percent owned by TRAL.
“As the majority controlling shareholder in OHL, I, Tomohiro Okada, condemn and disown the acts of my father Kazuo and his Filipino and Japanese cohorts in Okada Manila. Their perversion of the law must be put to an end. I am organizing the boards of OHL, UEC, and TRAL to immediately address this issue, work with our legal teams, and seek redress from the High Court of the Philippines to put to rest the Kazuo group’s futile attempt at what is truly a shameful corporate heist,” Tomohiro said.
Tomohiro also directed the group of his father to immediately vacate Okada Manila and stop the perversion of the temporary relief that the Supreme Court issued in April.