Okada to appeal Tokyo court ruling

THE camp of Japanese tycoon Kazuo Okada will contest a ruling by a Tokyo tribunal that ended his attempt to regain control of companies he founded.

In an emailed statement on Thursday, Okada said his daughter Hiromi planned to appeal that decision, made in connection to a complaint filed by his son Tomohiro over a 30-year trust agreement that led to Kazuo’s ouster as director of Okada Holdings Ltd.

The holding firm owns a 67.9-percent stake in Japan-listed Universal Entertainment Corp. (UEC), the parent company of Tiger Resort Asia Ltd., which owns Okada Manila resort operator Tiger Resort Leisure and Entertainment Inc.

In its January 25 ruling, the Tokyo District Court reportedly confirmed the validity of the deal signed by Hiromi and Tomohiro in 2017 that allowed the latter to fully control Okada Holdings and remove Kazuo.

Tomohiro filed a case in the Japanese capital to confirm the agreement’s validity, but Hiromi challenged it, saying her brother deceived her into signing it.

She also filed civil and criminal cases in Hong Kong to help her father regain control of Okada Holdings and its subsidiaries. “Until the decision becomes final, the fight is not yet over and Kazuo Okada remains in control of … UEC as 99-percent owner of” Okada Holdings, Kazuo said through his lawyers.

He also slammed the planned change of Okada Manila’s corporate name, as well as its backdoor listing through Asiabest Group International Inc.

“He was not consulted at all in that transaction and he will file cases against those responsible for the backdoor listing,” Kazuo’s lawyers said.

Asiabest announced on Monday that Tiger Resort Asia now owned 67-percent of its stake following a successful crossing of shares with stockholders that day amounting to P646.5 million.

This share-crossing paved the way for Okada Manila’s backdoor listing on the Philippine Stock Exchange.