Tiger Resort, Leisure and Entertainment, Inc (TRLEI), the operating entity of Philippines integrated resort Okada Manila, says it was justified in removing company founder Kazuo Okada in 2017 and is confident a Philippines court will see likewise.
Less than a week after confirming it has filed an Urgent Motion for Reconsideration in relation to a status quo ante order from the Supreme Court of the Philippines, TRLEI issued a follow-up statement on Tuesday in which it questioned the legal basis upon of the order and reiterated its stance on Okada’s removal as its Chairman and CEO, and as Chairman of Japan-based parent company Universal Entertainment Corp (UEC).
As previously reported by Inside Asian Gaming, the status quo ante order directs company “to MAINTAIN THE STATUS QUO prevailing prior to petitioner’s removal as stockholder, director, chairman, and CEO of Tiger Resort Leisure and Entertainment, Inc. (TRLEI) in 2017” – effectively ordering Okada’s temporary reinstatement to the board.
In its latest response, TRLEI has called the order “very unclear and vague as to how it can possibly be implemented, especially considering that in the past five years, many things have happened in TRLEI that obviously cannot simply be undone or disregarded.
“Moreover, TRAL (Tiger Resort Asia Limited) – the majority shareholder of TRLEI at 99.99% – voted substantially all of the shares of TRLEI for the removal of Mr Okada from the company. TRAL, which is a HK company, is not under the jurisdiction of Philippine courts nor subject to the status quo order.”
TRLEI also cited a series of court rulings in its favor over the past five years, including a January 2019 Tokyo District Court decision against Okada in a dispute over the ownership of voting rights in Okada Holdings Limited (OHL), the parent company of UEC; a February 2020 decision by the same court that Okada was liable for damages to UEC for breaching his duties as a director; and a December 2018 decision by the Philippines’ Regional Trial Court dismissing his claims for reinstatement.
“TRLEI believes that there is a strong legal basis for the revocation of the status quo order,” the company said.
“The removal of Mr Okada was valid and legal and done upon the instructions of its parent company TRAL. Further, TRLEI is indirectly wholly owned by UEC, a Japanese publicly listed company. The Tokyo District Court, Tokyo High Court and Japanese Supreme Court have already effectively decided with finality that Mr Okada’s removal was valid.
“UEC, TRAL and TRLEI are confident that the Philippine Supreme Court will eventually see the correctness of TRLEI’s position, rule in TRLEI’s favor, and recognize the Japanese courts’ decisions on the dispute between Japanese citizens over the control of the Japanese parent of TRLEI and its subsidiaries.”
