Tiger Resort Asia Ltd. (TRAL) has successfully reinstated its board members in Tiger Resort Leisure and Entertainment Inc. (TRLEI) and ousted a rival board in casino resort Okada Manila.
This came after the Philippine Amusement and Gaming Corp. (PAGCOR) enforced its order to implement the status quo ante order (SQAO) within its proper context over the weekend.
Despite a brief scuffle, as Kazuo Okada’s board tried to bar government authorities from entering Okada Manila, the transition was generally peaceful, TRAL said in a statement Sunday.
Police officers assisted PAGCOR representatives in enforcing the order, it added.
The PAGCOR resolution, dated Sept. 2 and signed by Acting Corporate Secretary Jessa Mariz Fernandez, stated that the gaming regulator has decided to withdraw the recognition of the Okada Manila board of directors created on May 2, 2022, as the Supreme Court’s SQAO dated April 27, 2022 only resulted in the return of Kazuo Okada as stockholder, director, chairman and CEO of TRLEI.
As such, Dindo A. Espeleta, Antonio O. Cojuangco, Maximo Modesto Joel C. Flores, Tetsuya Yokota, and Hiroshi Kawamura were ordered to “cease and desist from discharging their functions in connection with Okada Manila’s casino operations.”
Furthermore, the court barred the so-called Cojuangco group from further “disbursing funds in the Okada Manila cage and to peacefully vacate the gaming premises of Okada Manila’s casino and offices.”
“We believe that the order from the PAGCOR reflects how we have always been correct in our position in the intra-corporate dispute in Okada Manila. We are confident that the honorable Supreme Court, through the Court of Appeals, will also see the correctness of our position and we are hoping that we can finally set this issue to rest very soon,” TRAL Director Kenshi Asano said.
The management and operations of Okada Manila were turned over to the TRAL-backed board led by TRLEI President Byron Yip, their statement said.
Justice Secretary Jesus Crispin Remulla issued a formal agency opinion on the matter, assuring PAGCOR of its authority to exercise its regulatory powers on corporate disputes concerning its stakeholders such as casino operators.
“We believe that the status quo ante order of the Supreme Court mandated only the return of Mr. Okada as stockholder, director, chairman, and CEO of TRLEI. It did not empower him to reconvene or form a new board of directors,” Remulla said in the document dated Sept. 1.
“The strict interpretation of the SQAO is even expressly directed by the Supreme Court in its resolution of the motion for reconsideration that was filed to clarify the High Court’s intent in issuing the SQAO,” the Justice Secretary added.
Kazuo Okada will be recognized in the Board for now in view of the SQAO, which temporarily restored him to his position prior to his ouster, TRAL said.
“While we have successfully retaken control over the management and premises of Okada Manila, we will remain focused on resolving this matter with finality. A favorable outcome will help us in our plans of listing Okada Manila in the NASDAQ this year,” Asano added.
Kazuo Okada and his group, in a separate statement, said they will not accept an opinion that is not supported and promulgated by the proper courts, adding that legal actions will be initiated.
They also underscored that PAGCOR’s role is “merely to validate who is fit to hold a board position in Okada Manila and not to appoint any specific individuals to positions in the company.”
