Casino mogul Kazuo Okada on Thursday asked the Philippine Stock Exchange to thoroughly investigate Asiabest Group International Inc. for its misleading disclosures, in connection with the share purchase agreement that it entered into with Tiger Resort Asia Ltd.
In a letter to the PSE dated Sept. 21, 2018, Okada told the stock exchange that ABG’s supposed comprehensive corporate disclosures was “suspect and outright evasive” as it failed to bring up the tycoon’s pending intra-corporate lawsuit against Tiger Asia as part of his efforts to regain his interest in the company
“Listed firms, like ABG, are mandated to fully disclose the details surrounding share purchase transactions,” said Okada lawyers, Attys. Ramon S. Esguerra, Carlos Paulo M. Villaruz and Vivian S. Tan-Dela Cruz.
The lawyers said the inclusion of Okada’s complaint in the disclosure would have an effect on the trading/market value of ABG’s securities. Also, the lawyers insisted that pending cases should be included in stock exchange’s disclosures to warn the public about the possibility that the agreement could be nullified.
On Aug. 29, 2018, Okada filed an intra-corporate lawsuit at the Parañaque Regional Trial Court against Tiger Asia, owner of Tiger Resort Leisure & Entertainment, Inc., and their respective directors and officers.
In his lawsuit, Okada asked the court to nullify his illegal removal in June 2017 as a shareholder and director of TRLEI and immediately reinstate him to his old post.
Okada also questioned the authority of Tiger Asia to enter into such an agreement. Okada said that he would never agree to such share purchase transaction, as it would be disadvantageous to Tiger Asia.
Under the share purchase scheme, ABG will sell 200-million shares to Tiger Asia, worth P646.6 million in a special block sale that may happen this coming November.
PSE is primarily responsible for conducting investigations involving suspected violations of the securities law and its rules.
Okada, the driving force behind the construction of the multi-billion peso Okada Manila, an integrated hotel/resort/casino, has been thrown to the public eye last year when he was illegally removed as a director of Okada Holdings Ltd.
Okada Holdings controls 68 percent of Universal Entertainment Corp., which in turn owns 99.99 percent of Tiger Asia. Recently, Okada successfully regained control of Okada Holdings Ltd.
Okada’s lawyers also disclosed that they have information that the true owner of ABG is a Filipino-Chinese businessman, considered one of the top 10 wealthiest people in the country. Okada said he will unmask the businessman in due time and in the proper forum.