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Okada Manila positive on backdoor listing despite case against founder

Japanese gaming company Universal Entertainment Corp. said the indictment and the issuance of warrant of arrest against former chairman Kazuo Okada will have “no impact” on the operations of Okada Manila, its integrated casino resort operated by unit Tiger Resort Leisure and Entertainment Inc.

Universal Entertainment said in a statement posted on its website the legal cases faced by Okada would have no bearing on the planned backdoor listing of Okada Manila through Asiabest Group International Inc.

The Japanese firm said Okada and Takahiro Usui were dismissed as directors of TRLEI on June 16, 2017.  It said Okada also resigned as board director on June 29, 2017.

“As such, the facts surrounding this indictment of Okada and Usui and the issuance of a warrant for their arrest will have no impact whatsoever on the going concern of ‘Okada Manila’, the integrated casino in the Philippines’ Manila Bay area operated by TRLEI,” Universal Entertainment said.

“Moreover, said facts will also have no impact on the acquisition of shares of Asiabest Group International Inc. by Tiger Resort Asia Limited or on the associated takeover bid,” it said.

Okada was accused of receiving $3.1 million in compensation without authorization from the board of TRLEI.

Okada denied this, saying the $3.1 million in compensation he received represented his salaries and fees for his efforts, contribution and services in establishing Okada Manila pursuant to contracts entered into by him and Usui, who was authorized by TRLEI board to enter into such contracts.

Okada said it would be ridiculous for him, who was responsible for investments of more than $2 billion in Okada Manila, to defraud or conspire to defraud the company he established for a measly $3.1 million.

Okada and Usui were indicted by the Justice Department in December over the $3-million estafa complaint filed by TRLEI.

The Paranaque City Regional Trial Court issued a warrant for Okada’s and Usui’s arrest     on Jan. 4 this year.

Topics: Okada Manila , Universal Entertainment Corp. , Kazuo Okada , Tiger Resort Leisure and Entertainment Inc.
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