Metro Manila (CNN Philippines, November 28) — Japanese gaming tycoon Kazuo Okada has been officially removed from Okada Manila following a decision from the Supreme Court.
In a Nov. 13 resolution made available to the media Tuesday, the high court denied the petition of Okada in the intra-corporate case he filed against Tiger Resorts Leisure and Entertainment Inc. (TRLEI).It lifted the status quo ante order (SQAO) that temporarily reinstated Okada as a shareholder, director, chairman, and chief executive officer (CEO) of the corporation running the casino hotel.In order to allow the SC to decide whether Okada was rightfully removed from his position in 2017 due to allegations of financial misuse and fraud, the court issued the SQAO in April 2022, directing his immediate reinstatement as a TRLEI official.The court also decided that Okada’s action against TRLEI was filed beyond the prescribed period.The records show, however, that the Complaint was filed on 29 August 2018 or more than one year after the conduct of the 16 June 2017 special stockholders’ meeting where the elections for the removal and the replacement of Kazuo as director, chairperson, and CEO of TRLEI were held,” the decision read. “Clearly, the Complaint was filed beyond the 15-day prescriptive period for election contests.The SC further ruled that Okada was properly removed as TRLEI official. It also confirmed that he was just a nominal shareholder in TRLEI.In addition, the resolution said that, in contrast to his assertions, Kazuo is not the controlling shareholder of Okada Holdings Limited, the “ultimate parent company,” on the basis of foreign judgments issued by Japanese and Hong Kong courts, which are final and recognized in the Philippines.
In 2016, Okada had only one share in TRLEI. But the following year, his nomination was revoked. Following his removal, he reportedly came to the Philippines to oversee TRLEI’s operations and management of Okada Manila.
Okada challenged his removal before the regional trial court and the Court of Appeals, but lost. This forced him to go to the SC and was able to secure an SQAO.
On May 31, 2022, Okada’s camp used the SQAO to take physical control of Okada Manila with the assistance of private security guards and local police, marking a dramatic turn in the long-running conflict over control of TRLEI.
