Kazuo Okada can’t seem to catch the break he believes he deserves. After being ousted from the company he founded, Okada Holdings, he has had to deal with one headache after another. Now, he’s being hit from all sides and is having to fight his two children and estranged wife.
In 2017, the senior Okada found himself embroiled in a family dispute when his two children, Tomohiro and Hiromi, entered an agreement that led to their father’s removal from the company. Kazuo Okada holds 46.38% of the family business, while Tomohiro holds 43.48% and Hiromi, 9.78%. The brother and sister forged an alliance that helped to unseat their father; however, Hiromi later reconciled with her father, breaking the fragile alliance.
Hiromi, along with her father, then filed a lawsuit against Tomohiro. She asserted that she had been tricked into signing the trust agreement. However, the courts have disagreed and have said that the original agreement is still valid. Hiromi has said that she will appeal the decision, with the senior’s lawyers adding, “Until the decision becomes final, the fight is not yet over and Kazuo Okada remains in control of Universal Entertainment Corporation (UEC) as 99 percent owner of Okada Holdings Limited.”
On a different front, Tiger Resort Asia, a subsidiary of Okada Holdings, has announced that it has installed 11 new directors to Asiabest Group International Inc. (ABG). Tiger Resort acquired 66.6% of ABG this past Monday in an effort to be listed on the Philippine Stock Exchange.
Tiger Resort is the parent company of Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), which operates the Okada Manila integrated resort in the Philippines. Okada has repeatedly asserted that he is still in charge of TRLEI and Okada Manila.
Of those 11 new board members, one name certainly stands out – Takako Okada. She is the estranged wife of Kazuo and is a director of both TRA and UEC and is the Chief Relations Officer and board member of TRLEI.
One could almost feel sorry for Kazuo, having to fight against those closest to him. However, given that he is facing charges of fraud, corruption and misappropriation of funds, perhaps Karma is paying him a visit.