Kazuo Okada is determined to recuperate his place with Universal Entertainment Corp. The former chairman, who was ousted in June of last year, is hoping that he can garner some support through the Philippine Stock Exchange (PSE) and has asked it to force the handover of details surrounding transactions between Tiger Resort Asia and Asiabest Group International, which Tiger Resort is working to acquire.
Okada has sent two letters to the PSE over the deal. The first was sent on September 13 and requested that the exchange order Asiabest to reveal all of the details for any relative transactions. The second letter was sent on September 17 and wants Manila’s Capital Markets Integrity Corporation, the organization that regulates the PSE, to launch an investigation into Asiabest’s disclosures.
Okada asserts that he owns 34.41% of Tiger Resort, as well as the TRLEI subsidiary, which operates Okada Manila. As a majority stockholder, he insists that he should have been consulted on the deal that would see Tiger Resort take over about 66% of Asiabest, but he alleges that he was not involved. That deal is expected to be completed on November 12.
According to his September 17 letter, Okada asserts, “ABG (Asiabest Group), as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly that there is a legal controversy on Tiger Asia’s authority to enter into such transaction.”
He also told the PSE that he has already filed an intra-corporate lawsuit against Tiger Resort and TRLEI, as well as against the firms’ directors and corporate officers.
Tiger Resort is controlled by Universal Entertainment. Since being pushed out, Okada has since been on a campaign to disrupt the company. Most recently, he launched an effort to get his company back, taking his case to the Parañaque City Regional Trial Court in the Philippines to try and convince the courts to side with him. He was removed over allegations of fraudulent activity, claims that he still denies to today.
In the letter to the PSE, Okada threatens to file any requisite charges – administrative, criminal and/or civil – regarding the proposed sale of Asiabest to Tiger. Given his propensity for not knowing when he has been defeated, it’s certain that he will follow through.