Hong Kong-listed Tiger Resort Asia Ltd (TRAL), which holds a 99.99% stake in Okada Manila Tiger Resort Leisure and Entertainment Inc (TRLEI), has released a public advisory, notifying the public and all institutions that it is not going to honor or recognize any transaction on behalf of TRLEI made by Kazuo Okada, Antonio Cojuangco, Dindo Espeleta or their representatives. TRAL also highlights that it has not authorized Kazuo Okada to represent it as part of the TRLEI board and has not provided any TRLEI shares to him.
TRAL Filed a Lawsuit against Kazuo Okada’s Takeover
On May 31, Kazuo Okada and his representatives took over the Okada Manila Gaming Resort trying to reinstate the former board of TRLEI consisting of Kazuo Okada, Antonio Cojuangco, Dindo Espeleta among others. Their actions were backed by a Supreme Court STATUS QUO ANTE ORDER. A monitoring team from Philippine Amusement and Gaming Corp (PAGCOR) was also present at the incident, sparking accusations of partiality in the matter.
As a result, TRAL has pressed legal charges, declaring that the established control by Okada over the resort is illegitimate. The company has also been forced to block these individuals legally by issuing a public advisory explicitly stating:
The public is advised to only conduct business with the TRAL-recognized board of TRLEI led by Hajime Tokuda and Byron Yip.TRAL
The document also includes information that Japanese Courts have found Kazuo Okada guilty of stealing company funds amounting to millions.
Okada Board GIS Is Allegedly Invalid
On May 2, Okada and his representatives held a meeting, which reinstated the board of TRLEI in its composition from 2017. However, TRAL declared this meeting and the consequently issued General Information Sheet (GIS) unlawful as no notice about it was sent out to the shareholders. To back this statement up, TRAL included an affidavit by TRLEI’s Corporate Secretary Michelle Lazaro. Furthermore, in its court filing, TRAL claimed:
No notices of meeting were sent to TRLEI’s stockholders by the Corporate Secretary as provided in the By-Laws; and it was held without the participation of the majority shareholders holding 99.90% ownership of the shares, specifically, Tiger Resort Asia Limited (TRAL).TRAL
Additionally, the company asked the Supreme Court to declare Okada’s hoax board of directors void.