Universal Entertainment Corp. (UEC) has respectfully urged the Philippine Supreme Court to hasten the resolution of its appeal to settle the intra-corporate dispute in Okada Manila.
Jun Fujimoto, the president of UEC, said the Japan-listed company is hoping for a favorable decision on the motion for reconsideration filed by its subsidiary Okada Manila operator Tiger Resort Leisure and Entertainment Inc. (TRLEI) on the Status Quo Ante Order (SQAO) issued by the Philippine Supreme Court in April.
“We at UEC formally and respectfully appeal to the Philippine Supreme Court and government agencies for their support and swift action. We are confident that the pieces of evidence that we have provided to the honorable Court will speak volumes in the correctness of our position,” Fujimoto said.
UEC wholly owns Tiger Resort Asia Ltd. (TRAL), a Hong Kong-based company. In turn, TRAL owns 99.99 percent of TRLEI, the operator of Okada Manila. TRAL is represented by two directors of UEC in TRLEI, namely, Mr. Kenshi Asano and Mrs. Takako Okada, and has been recognized as such by the Hong Kong Companies Registry since 2017 to date. This information is publicly available on the website of the Hong Kong authorities, the Cyber Search Centre of the Integrated Companies Registry Information System (ICRIS).
To recall, Kazuo Okada and his cohorts Tonyboy Cojuangco and Dindo Espeleta, among others, forcibly took over Okada Manila on 31 May 2022 on the pretext of an SQAO issued by the Supreme Court.
However, the SQAO is a temporary measure that required both parties to return to the status quo prior to the removal of Kazuo Okada from TRLEI in 2017.
“Kazuo Okada and his group have misrepresented themselves and withheld vital information from the honorable court about the companies’ ownership/structure. They have also no legal basis for taking control of the company. Moreover, Kazuo Okada and his cohorts are not recognized by both UEC and TRAL, the legitimate owners of TRLEI,” Fujimoto said.
Fujimoto also emphasized that Okada Manila is not owned by a single individual. It is, in fact, a multibillion-dollar investment of several individuals that believed in the potential of the Philippines as an investment destination.
“The actions of the Kazuo group are unscrupulous and blatantly disregard the law and have put the company and its employees in danger. It harms the Philippines’ international reputation as a center for business and investment,” Fujimoto said.
The illegal takeover of Okada Manila and the acts of Kazuo Group’s illegitimate officers have also resulted in the delay of UEC’s disclosure of the quarterly results of TRLEI in the Tokyo Stock Exchange.
With the disruptions made by the usurper Kazuo Okada to the operations of Okada Manila as well as TRAL and UEC, Fujimoto said the company is bent on bringing him to court in Hong Kong, where TRAL is registered.
“We believe that the acts made by Kazuo Okada and his collaborators fall into serious violation of Hong Kong law, including falsification of official documents, fraud, and embezzlement and will file criminal charges against them with the Hong Kong authorities to pursue responsibilities for these acts,” Fujimoto said.
He also reiterated that UEC and TRAL only recognize the TRLEI board led by Byron Yip and that they offer their full support to this leadership team, which is the sole and legitimate one.
“As the parent company’s president whose main wish is to safeguard all employees and help the Philippines as a member of the international business community, it is my hope that the honorable Philippine Supreme Court and government agencies will act quickly to resolve the issues surrounding Okada Manila’s ownership,” Fujimoto said.
Once the Philippine Supreme Court resolves the motion in favor of TRLEI, UEC, and TRAL, the first order of business is to clean the mess made by Kazuo Okada and his cohorts. This likewise includes the eventual listing of Okada Manila in the US.
“Welcoming back the UEC and TRAL-recognized board will set TRLEI and Okada Manila back on track and the company can focus on recovery and growth,” Fujimoto said.
