The Securities and Exchange Commission ordered Tiger Resort Asia Ltd. (Tiger Resort) to file a revised tender offer report for its takeover bid on Asiabest Group Inc. to include the ongoing ownership legal dispute with Japanese casino tycoon Kazuo Okada.
SEC’s Market Securities and Regulation Departments director Vicente Graciano Felizmenio Jr. directed tiger Resor to submit the amended tender offer to prevent any grave and irreparable damage to shareholders of Asiabest and the investing public.
“By amending the tender offer report to include factual information regarding the conflict that led to the eventual filing of criminal and civil cases in Hong Kong, shareholders of Asiabest and the investing public would be able to arrive at an intelligent investment decision on whether to invest, sell or remain in the company,” the SEC said.
The SEC further directed Tiger Resort to immediately cause the publication of the amendment once in two newspapers of general circulation, and extend the tender offer period for 10 days starting from issuance of the public notice.
The SEC issued the order after Asiabest minority shareholder Carnell Valdez filed a complaint with the SEC requesting for a cease-and-desist order against Tiger Resort when it failed to disclose the intra-corporate dispute involving the major shareholder of Tiger Resorts.
Okada Holdings is the controlling shareholder of Japan’s Universal Entertainment Corp., which in turn is the 100-percent owner of Tiger Resort, which fully controls Tiger Resort Leisure & Entertainment Inc., operator of casino hotel Okada Manila.
Japanese pachinko billionaire and UEC founder Kazuo Okada and his daughter Hiromi Okada earlier initiated civil and criminal proceedings in Hong Kong to regain control of Okada Holdings and secure criminal convictions for fraud and financial crimes against those responsible for his alleged illegal ouster as chairman of Okada Holdings, UEC, Tiger Resort and Okada Holdings in 2017.