Kazuo Okada: another attempt to regain control of Universal

Kazuo Okada: another attempt to regain control of Universal

Japanese businessman Kazuo Okada approached the Philippine Stock Exchange in an attempt to hinder the listing of Tiger Resort Asia Ltd. Okada appeals to the fact that Universal’s parent company has no authority to implement this plan.

Okada founded Universal in the 1960s. Initially, the company specialized in the production of gambling equipment and pachinko machines.

In the summer of 2017, he was removed from the post of Chairman of the Board of Universal and charged with misappropriating millions of dollars during the management of the company. Okada has repeatedly denied the charges against him and tried to regain control of Okada Holdings.

Last year, there were news that Tiger Resort Asia Ltd. acquires a controlling stake in Asiabest Group International Inc., registered in Manila, to prepare the ground for the listing. Tiger Resort Asia is the owner of the integrated resort Okada Manila worth $2.4 billion.

Lawyers of the Japanese businessman sent a letter to the Philippine Stock Exchange on January 11. It states that the listing is not authorized, and the company's board members oppose Kazuo Okada, who is the true owner of a controlling stake. In addition, the letter expressed doubts as to whether Fuhimoto, representing the interests of Tiger Resort Asia, is the legitimate CEO.

Earlier this month, the district court of first instance of the city of Paranyak ordered the arrest of Okada. The order was related to a lawsuit between a businessman and Tiger Resort Leisure and Entertainment, one of the Filipino subsidiaries of Universal Entertainment. Tiger Resort filed a lawsuit against Okada for illegally obtaining more than $3 million.

Okada, in response to the allegations, stated that this amount was his salary, as well as the fee for consulting services, charged during the period when he held the position of the CEO.

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