Century Properties Group suffered a setback in its legal battle against Universal Entertainment chairman Kazuo Okada after the Makati Regional Trial Court denied Century’s latest request for interim measures of protection.
The decision was handed down by the Makarti RTC in an order dated Tuesday, May 13, denying and dismissing the petition that would have extended the 20-day TRO awarded to Century Properties last month. The decision has left Century Properties scrambling over its next legal maneuver to fight the Okada group’s decision to end its partnership with Century Properties Group for the development of the $2-billion Manila Bay Resorts in Entertainment City.
The decision to cut ties with Century Properties was made by Okada’s local companies, Eagle I Landholdings Inc, Eagle II Holdco Inc and Brontia Limited after a third party involved in the negotiations, First Paramount, withdrew from the agreement.
The Philippine-based Century Properties says it’s still considering its options and hasn’t ruled out future legal action, while the Okada group’s search continues for a local partner to address Manila Bay Resorts’ foreign ownership requirements.
