The Kazuo Okada-led board of Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) says it is currently in discussions with the three banks that reportedly froze the accounts of the Philippines integrated resort last week.
In a statement issued via the TRLEI website, the Kazuo Okada group insisted that “all financial obligations are met and … all ongoing business transactions are right on track.
“The purported Bank Freeze … has reported has no effect at all on Okada Manila’s commitment to its partners and valued patrons. Management is closely working with the Banks in order to provide continued support to TRLEI’s business needs.”
The group’s comments follow an announcement from the board backed by Tiger Resort Asia Ltd (TRAL) – which holds 99.9% of TRLEI shares – over the weekend revealing that BDO Unibank (BDO), Asia United Bank (AUB) and Union Bank of the Philippines had opted to freeze the accounts of Okada Manila due to the ongoing intra-corporate dispute between the two factions. Mr Okada was removed from the TRAL-backed board of TRLEI and of parent company Universal Entertainment Corp in 2017 due to allegations of fraud.
The TRAL-backed board also claimed that the Kazuo-Okada group may choose to use “cage money” or revenues generated from the operations of the casino and hotel to fund the operations and the salaries of Okada Manila’s employees, but said these funds would “run dry soon.”
In response, the Kazuo Okada group insisted on Monday that there would be no disruption to business operations at Okada Manila which “will continue to prioritize the welfare of its employees and customers. There will be no disruption in the operations of Okada Manila and that definitely includes the salaries and compensation of its employees.”
