We don’t know if Kazuo Okada is vying for the record of having one of the most contentious casino projects in the world, but the way things are going, his Manila Bay Resorts project in the Philippines is climbing up the ranks at an alarming pace.
Okada’s latest foil in his expanding legal battles in the country is Century Properties Group, which recently shot a punch to the kidney of the Okada group by securing a 20-day temporary restraining order to bar the Okada group, which includes Eagle I Landholdings, Inc., Eagle II Holdco, Inc. and Brontia Limited, from throwing the parties’ investment agreement in the trash can.
The TRO was issued by the Regional Trial Court of Makati in connection with a Petition for Interim Measures of Protection that Century Properties filed against the Japanese tycoon’s subsidiaries in the Philippines that are involved in the development of the $2 billion integrated resort and casino.
With the restraining order now in place for the next 20 days, Okada’s Eagle I Landholdings, Inc., Eagle II Holdco, Inc. and Brontia Limited have been ordered by the RTC to produce all documents and information that Century Properties needs to complete its study on the all the issues that have struck the agreement between the two sides.
If being ordered to hand over important documents isn’t enough, the RTC also barred Okada’s Philippine subsidiaries from engaging in any deals with other companies relating to the development of the commercial and residential aspects of Manila Bay Resorts.
The Okada group has argued that the deal with Century Properties was still under negotiations while also claiming that no financial transactions have been made by both sides. According to Okada, one of the three parties involved in the negotiations, First Paramount, withdrew from the agreement, forcing it to junk negotiations with Century Properties.
None of that matters now, or at least until the TRO is lifted. In the meantime, Century will have ample time to review the issue before proceeding with its next step, which in all likelihood would be pushing forward with its threat of further legal action.
