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Supreme Court lift 2022 court order on Okada Manila, rules Kazuo Okada “properly removed” from company

November 28, 2023 Philippines Casino & HotelCrime & Legal

The Supreme Court of the Philippines has overruled a 2022 court ruling that required Okada Manila to be bought by a group representing the company’s expelled founder, Kazuo Okada.

In the intra-corporate lawsuit against Okada Manila operator Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the court denied Okada’s appeal.

In addition, the court nullified the Status Quo Ante Order (SQAO) that had been issued in April 2022 and mandated that TRLEI reconstitute its board of directors in accordance with the membership that existed in 2017—prior to the disagreement that led to Okada’s dismissal.

The complaint submitted by Okada after the deadline for the election challenge was deemed necessary by the court. It also found that Tomohiro Okada, Okada’s son, owned the bulk of the shares in Okada Holdings Limited, the company’s ultimate parent, and that Okada had been rightfully removed from his roles as chairman, CEO, and shareholder of TRLEI.

With the SQAO removed, the dispute has been settled, and Universal Entertainment—Okada Manila’s parent company—intends to carry on discussions with Philippine financial institutions and refinance its notes that were privately issued outside of Japan to fund the project.

This accomplishment is a major step forward for Okada Manila since it brings clarity and enables the pursuit of financial activities that are strategically aligned with the company’s goals and support its growth.

Original story by: IAG

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