Kazuo Okada officially removed from Okada Manila

Japanese gaming tycoon Kazuo Okada has been officially removed from Okada Manila following the lifting of the Supreme Court order that temporarily reinstated him as a shareholder, director, chairman and chief executive officer (CEO) of the company operating the casino hotel.

In a notice dated November 27 issued by Jun Fujimoto, representative director and president of Universal Entertainment Corporation, parent company of Okada Manila, the Supreme Court recently issued a resolution denying the petition of Kazuo in the intra-corporate case he filed against Tiger Resorts Leisure and Entertainment Inc. (TRLEI).

“With the denial of Kazuo Okada’s petition, the Supreme Court also lifted immediately the SQAO that it issued last year,” said Fujimoto in the said notice

Fujimoto said the Supreme Court resolution dated Nov. 13, 2023 ruled that Kazuo’s action was filed beyond the period for filing an election contest.

Said foreign judgments effectively recognized that Tomohiro Okada is the majority shareholder of OHL

Jun Fujimoto, President of Universal Entertainment Corporation

He said the High Court also ruled that he was properly removed as TRLEI official.

Furthermore, the Supreme Court confirmed that Kazuo was a mere nominal shareholder in TRLEI with only one nominal share which had already been revoked in 2017.

According to Fujimoto, the resolution also said that contrary to his claims, Kazuo is not the controlling stockholder of Okada Holdings Limited (OHL), the “ultimate parent company,” based on foreign judgments issued by Japanese and Hong Kong courts, which are final and recognized in the Philippines.

Kazuo’s group took over Okada Manila June 2022 implementing the high court’s status quo ante order.

Related Posts