Tuesday, July 5, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News National

‘3 banks freeze Okada accounts’

Jenniffer B. AustriabyJenniffer B. Austria
June 19, 2022, 10:50 pm
in National, News
Reading Time: 2 mins read
A A
843
SHARES
Share on FacebookShare on TwitterShare on Email

Three banks have reportedly frozen the accounts of casino and entertainment facility Okada Manila following an ongoing intra-corporate dispute.

In a statement, Tiger Resorts Leisure and Entertainment Inc (TRLEI) legal counsel Estrella Elamparo said BDO Unibank Inc., Asia United Bank, and Union Bank of the Philippines have decided to freeze the accounts of Okada Manila.

Elamparo said the current situation could put not only the growth and sustainability plans of Okada Manila at risk but also the salaries of its employees.

TRLEI said BDO required the company, led by Hajime Takuda, Byron Yip, and the newly-constituted board led by Kazuo Okada, Antonio Cojuangco, and Dindo Espeleta to sign an agreement to distribute the salaries of Okada Manila employees.

“Despite being on the right side of the law, the legitimate board of TRLEI decided to draft and sign the agreement, understanding the welfare of the employees is at stake. However, the camp of Kazuo Okada was not keen on signing the agreement, imposing unreasonable conditions,” Elamparo said.

ADVERTISEMENT

TRLEI said the current situation has forced the banks to file interpleader cases, asking the court to require both parties to interplead between themselves.

While Okada Manila may use the “cage money” or the revenues generated from operations of the casino and hotel to pay the salaries of its employees, Elamparo said those funds can only go so far and are expected to run dry soon.

”We expect Manila Okada’s funds to dwindle in the coming weeks, putting not only guests at the losing end, but at the same time putting at risk its over 5,000 employees, many of whom rely on their salaries to meet their daily needs,” Elamparo said.

TRLEI said its majority shareholder, Tiger Resorts Asia Ltd. (TRAL), also forwarded to relevant agencies and partners a certification that puts on record that it does not recognize Kazuo Okada or any of his appointed board members as new management.

TRAL also signified it will not be in the position to put in additional capital to fund the daily operations of Okada Manila and salaries of workers while legal proceedings are ongoing.

Tags: Asia United BankBDO Unibank IncOkada ManilaUnion Bank of the Philippines
ADVERTISEMENT
Jenniffer B. Austria

Jenniffer B. Austria

Related Posts

BBM tackles food shortage

byVince Lopez
July 5, 2022, 1:40 am
0
143
Bautista nixes status quo in land transport

Sets marching orders in first meeting with DA execs President Ferdinand Marcos Jr. issued a flurry of marching orders to...

Read more

Xi to invite Marcos to visit China, Beijing’s top diplomat set to arrive

byVito Barceloand1 others
July 5, 2022, 1:30 am
0
146
Comelec set to proclaim senators

Chinese State Councilor and Foreign Minister Wang Yi will arrive in Manila today (Tuesday) for a two-day visit upon the...

Read more

Bautista nixes status quo in land transport

byManila Standard
July 5, 2022, 1:20 am
0
137
Bautista nixes status quo in land transport

Transportation Secretary Jaime Bautista said the status quo in land transportation is simply “unacceptable” as he saw for himself the...

Read more

Palace: Evaluation of candidates for still-vacant posts in final stage

byVito Barceloand2 others
July 5, 2022, 1:10 am
0
147
Trade groups hail poll results

President Ferdinand R. Marcos Jr. is moving closer toward completing his Cabinet as the selection process for the remaining vacant...

Read more

All’s not lost for Bulacan freeport, government to back bill once ‘corrected’

byMacon Ramos-Aranetaand1 others
July 5, 2022, 1:00 am
0
137
Vax wastage, infection surge feared in Odette-hit areas

President Ferdinand Marcos Jr. will fully support the establishment of a special economic zone and freeport adjacent to the proposed...

Read more

Big price cuts on diesel, LPG, but gas unchanged

byAlena Mae S. Floresand1 others
July 5, 2022, 12:50 am
0
139
Gov‘t on alert over inaugural disruption buzz

Oil companies cut pump prices by as much as P3.40 per liter effective 12:01 a.m. Tuesday to reflect the movement...

Read more

Stories you may like

  • Denying Villafuerte justice

    Starting on the wrong foot

    3031 shares
    Share 1212 Tweet 758
  • Of course, it was BBM’s project

    33238 shares
    Share 13295 Tweet 8310
  • The next, now, or never in new romance film ‘Ngayon Kaya’

    2346 shares
    Share 938 Tweet 587
  • Property relations in marriage

    1123 shares
    Share 449 Tweet 281
  • Herbosa will make an excellent DOH Secretary

    2076 shares
    Share 830 Tweet 519

Print Edition

View More

Recent Posts

  • Sneakers for Makati : AB4.0
  • BBM tackles food shortage
  • Xi to invite Marcos to visit China, Beijing’s top diplomat set to arrive
  • Bautista nixes status quo in land transport
  • Palace: Evaluation of candidates for still-vacant posts in final stage
  • All’s not lost for Bulacan freeport, government to back bill once ‘corrected’
  • Big price cuts on diesel, LPG, but gas unchanged
  • Average daily COVID cases jump 60%, OCTA sees drop next week

Advertisement

Latest News

All’s not lost for Bulacan freeport, government to back bill once ‘corrected’

byMacon Ramos-Aranetaand1 others
July 5, 2022, 1:00 am
0
137
Vax wastage, infection surge feared in Odette-hit areas

President Ferdinand Marcos Jr. will fully support the establishment of a special economic zone and freeport adjacent to the proposed...

Read more

Big price cuts on diesel, LPG, but gas unchanged

byAlena Mae S. Floresand1 others
July 5, 2022, 12:50 am
0
139
Gov‘t on alert over inaugural disruption buzz

Oil companies cut pump prices by as much as P3.40 per liter effective 12:01 a.m. Tuesday to reflect the movement...

Read more

Average daily COVID cases jump 60%, OCTA sees drop next week

byWillie Casas
July 5, 2022, 12:40 am
0
138
Laguna officials, huge crowd go for BBM, Sara

The Philippines logged 7,398 new COVID-19 cases from June 27 to July 3, 2022 with a daily average of 1,057...

Read more

Medical reserve corps bill pushed

byMaricel Cruz
July 5, 2022, 12:30 am
0
144
Fiction comes to life: How to Murder Your Husband

Three legislators led by Leyte 1st District Rep. Martin G. Romualdez have proposed the creation of a Medical Reserve Corps...

Read more

SC strikes down ERC regulation on power mart

byRey E. Requejo
July 5, 2022, 12:20 am
0
149
ERC approves NGCP-SMGCP deal

The Supreme Court has nullified the order issued by the Energy Regulatory Commission (ERC) that regulated the prices in the...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App