Japanese billionaire, Kazuo Okada (pictured), has reportedly filed a lawsuit against the casino-operating subsidiary of gaming conglomerate, Universal Entertainment Corporation, in an attempt to be reinstated to its board of directors.
Suit filed in the Philippines:
According to a report from Inside Asian Gaming citing stories from Kyodo News and the Philippine Daily Inquirer, 76-year-old Okada lodged his action against Tiger Resort Leisure and Entertainment Incorporated with the Paranaque City Regional Trial Court on Wednesday and is also seeking to be restored as the firm’s Chairman and Chief Executive Officer.
Dismissal followed fraud allegations:
Hong Kong-headquartered Tiger Resort Leisure and Entertainment Incorporated is responsible for the giant, Okada Manila integrated casino resort in the Philippines and kicked septuagenarian Okada off of its board while dumping him as a shareholder last year after allegedly uncovering a trio of fraud cases that dated back to 2014 and 2015.
Magnate maintains he did ‘nothing wrong’:
But, Okada has continually maintained his innocence and told Inside Asian Gaming that he is planning to ‘get back my company’ and is now endeavoring to ‘clear my name and prove I have done nothing wrong.’
Action may scupper listing plans:
The lawsuit could not have come at a worse time for Tiger Resort Leisure and Entertainment Incorporated as ABS-CBN News reported that the casino operator is currently involved in discussions to gain a listing on the Philippine Stock Exchange. It is purportedly hoping to do this by taking over local investment holding firm Asiabest Group International Incorporated with negotiations said to be at an ‘advanced stage.’
The Filipino broadcaster reported that the listing is being seen as a way to help Tiger Resort Leisure and Entertainment Incorporated raise fresh capital in order to help fully open its Okada Manila venue following the property’s soft launch in October of 2016.
Potential investors being ‘forewarned’:
However, Okada revealed that he had not been consulted on any deal that will allow his disputed shares in Okada Manila to be sold and declared that potential investors should ‘be forewarned about this.’