Ousted Japanese gaming tycoon Kazuo Okada has filed a lawsuit against Tiger Resort Leisure and Entertainment Inc (TRLEI) – the casino arm of Universal Entertainment Corp and operator of Philippines integrated resort Okada Manila – in an effort to be reinstated as the company’s Chairman.
Okada was kicked off the boards of both TRLEI and Universal last year after Universal said it had uncovered three cases of alleged fraud by its founder against the company dating back to 2014 and 2015. He recently said in an exclusive interview that will appear in the upcoming October edition of Inside Asian Gaming that, “I plan to get back my company. I need to clear my name and prove I have done nothing wrong.”
According to Japan’s Kyodo News agency, that process has now begun with Okada reportedly having filed a suit against TRLEI at the Parañaque City Regional Trial Court last Wednesday seeking to have his dumping from the board last year declared null and void. He is also seeking reinstatement as shareholder, director, Chairman and CEO, Kyodo said.
The suit comes at a bad time for TRLEI, which is said to be deep in discussions to complete a backdoor entry to the Philippine Stock Exchange. The Inquirer is reporting that TRLEI is planning to take over investment holding firm Asiabest Group International (ABG) and that negotiations have reached an “advanced stage.”
The move is seen as a key step in raising fresh capital for Okada Manila, which held its soft opening in October 2016 but has yet to hold its grand opening due to a number of hotel rooms and other facilities still being finalized.
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