Ousted board of Philippine casino sues Japanese tycoon Okada after resort seized

The ousted board of the Philippines’ biggest casino said on Monday it is suing Japanese tycoon Kazuo Okada and his partners, accusing them of coercion and other misconduct in what it said was a “violent and illegal” seizure of the gambling resort last week.

In a dramatic turn of events in a long-running dispute over control of Tiger Resort, Leisure & Entertainment which is

wned by Japan’s Universal Entertainment Corp, Okada’s camp took physical control of the $3.3 billion casino known as Okada Manila on May 31 with the help of private security guards and local police.

The move came after the Philippines’ Supreme Court in April issued a “status quo ante order,” reinstating Okada, who had been ousted in 2017, as CEO of the casino. That followed a decision by the country’s Court of Appeals in January to dismiss an embezzlement charge against Okada and an associate.

The deposed board of Tiger Resorts appealed the Supreme Court’s decision in April and its legal counsel said on Monday that there was nothing in the court’s decision that authorized Okada’s camp to seize physical control or to create a new board. It is also seeking clarification from the Supreme Court about its order.

Okada’s group used “brute force and intimidation” in taking over the property on May 31, Michiaki Satate, co-vice chairman of the ousted Tiger Resort board, told a news conference.

“At this moment, it is an illegitimate board and set of officers who are running the business,” Satate said, adding that the casino operator’s parent company would not honor any business dealings conducted by the new board.

Source: https://edition.cnn.com/2022/06/07/business/kazuo-okada-lawsuit/index.html