Japanese businessman Kazuo Okada has filed a suit against Tiger Resort Leisure and Entertainment Inc., which he set in the 2000s, and is asking a Philippine court to intervene and reinstate hims as a shareholder, manager, chairman, and CEO of their company. Tiger Resort, through a subsidiary, operates the Okada Manila casino hotel in the Philippine capital.
Mr. Okada’s attorney, Rean Balisi, told media that the litigation was filed last Wednesday in the Parañaque City Regional Trial Court. It attempts to emptiness the casino mogul’s ouster from Tiger Resort, which he said was prohibited, and to allow his return on his previous articles.
The Western businessman was ousted as manager of Okada Holdings, the parent firm of gambling machine maker Universal Entertainment Corp., in May 2017 over allegations of misappropriation of funds. Universal Entertainment is the proprietor of Tiger Resort.
The businessman also said in court documents that he has received advice regarding strategies for a public offering of his company and that he his guidance on the subject had not been sought.
The Japanese tycoon, who began his gambling machine manufacturing business back in the 1960s, said last month that he would recover his company that was taken from him in a criminal manner and that he believed justice would prevail.
Mr. Okada said that he was the victim of a carefully planned coup that targeted to mar his standing and remove him from his articles in the corporation. He went on to state that the folks behind that coup later on manipulated his kids to additional benefit from their scheme.
The businessman revealed that he had reached out to his son, Tomohiro, asking him to serve the attention of his family and his business rather than of unscrupulous men and women who’d do anything to reap financial and other advantages from the situation.
The Western tycoon is facing multiple legal challenges with regard to his alleged misappropriation of millions of dollars. On the other hand, the instances are now to be reviewed in the Philippine Department of Justice since Tiger Resort has submitted a motion for reconsideration of the instances.
The DOJ took over the instances following the leakage of an important resolution from the Parañaque Prosecutor’s Office. The resolution was posted on social media with a girl who was believed to be Mr. Okada’s partner.
Reports emerged last month that the businessman was detained in Hong Kong on fraud charges. Those reports were later on dismissed by Mr. Okada’s attorney as fake news.
Follow us Facebook and Twitter to stay Current on the day’s leading casino news stories.
Related News
Genting Subsidiaries Sell $1 Billion Bond to Finance Vegas Casino Construction
Wynn Executives Concealed Sexual Misconduct Allegations against Steve Wynn
