Japan’s Universal Entertainment Corp, the parent firm of Okada Manila operator Tiger Resort Leisure & Entertainment Inc (TRLEI) has insisted the arrest warrant issued to company founder Kazuo Okada by a Parañaque City court last Friday won’t impact its Philippines casino license.
In a statement issued via its website on Monday, Universal was quick to distance itself from Okada and former TRLEI President Takahiro Usui – who is also named on the arrest warrant – pointing out that the duo were dismissed as directors of TRLEI in June 2017 and that Okada “resigned” from the board of directors later that month.
The company noted that, under Philippines law, management must undergo strict screening to acquire and maintain a gaming license. However, it stated “the facts surrounding this indictment of Okada and Usui and the issuance of a warrant for their arrest will have no impact whatsoever on the going concern of Okada Manila, the integrated casino in the Philippines’ Manila Bay area operated by TRLEI.”
Universal also insisted that the warrants would not impact the acquisition of shares in Asiabest Group International Inc by another of its subsidiaries, Tiger Resort Asia Limited, which is part of the company’s plans to complete a backdoor listing on the Philippine Stock Exchange.
Okada is accused of misappropriating around US$3.1 million in salaries and fees from Tiger Resort Leisure and Entertainment Inc (TRLEI) during his time as Chairman and CEO.
RelatedPosts
