The group of Japanese casino magnate Kazuo Okada vowed to regain control of his holding company after a Tokyo court ruled that the 2017 sibling trust agreement that led to Okada’s ouster is binding.
Lawyers representing Okada said in a statement the Tokyo decision regarding the agreement between his two children was not yet final and that Okada’s daughter Hiromi planned to appeal the decision in the complaint filed against her by brother Tomohiro.
“Until the decision becomes final, the fight is not yet over and Kazuo Okada remains in control of Universal Entertainment Corp. as the 99-percent owner of Okada Holdings Limited,” the lawyers said.
Hiromi testified in Tokyo that Tomohiro took advantage of her weak emotional state to trick her into signing two share trust agreements dated March 2 and May 23, 2017 that led to the alleged illegal ouster of their father from OHL.
Hiromi also claimed Tomohiro did not explain to him the contents of the documents that she signed, contrary to the claim of his brother.
“On that day [March 2, 2017], I was going overseas again the following day, so I was really tired. There was no explanation. In a few minutes, I signed them and it was over,” said Hiromi, who reconciled with her father in August 2017.
Lawyers of Okada also promised to continue their fight for control of Universal Entertainment Corp. and Philippine subsidiary Tiger Resort Leisure and Entertainment Inc. which operates the $2.4 billion integrated resort and casino Okada Manila.
Okada Holdings Limited owns 68 percent of UEC, the parent company of TRLEI.
“As the rightful owner of Okada Holdings, how can they not consult him on matters regarding his company and his property,” the lawyers said, adding that the casino mogul remained opposed to the backdoor listing of TRLEI under Asiabest Group International Inc.
“He was not consulted at all in that transaction, and he will file cases against those responsible for the backdoor listing,” Okada’s lawyers said.
TRLEI last week completed the backdoor listing via Asiabest Group after both parties executed a share purchase agreement.
TRLEI now owns 200 million shares or 66.67 percent of Asiabest.