The Philippine court upheld the December ruling dismissing allegations of fraud and theft against Japanese millionaire Kazuo Okada.
Mr. Okada founded Universal Entertainment Co., Ltd., a Japanese pachinko machine manufacturer, and made a fortune.His wealth, estimated by Forbes magazine at $ 12 billion, was also accumulated as one of Steve Wynn's first investors in Wynn Resorts.
In 2008, Okada decided to build his first integrated resort after confronting Win on suspicion that King Pachinko bribed a Philippine official to obtain a game license for Entertainment City in Manila.Okada Manila opened in 24 with an investment of $ 2016 billion.
Okada established Tiger Resort Leisure and Entertainment (TRLEI) to operate this facility.Okada was Chairman of TRLEI and CEO of Universal Games Subsidiary until he was removed in 2017.His dismissal was due to the company's board of directors on suspicion that he stole money from the company.
Mr. Okada has argued that his allegations of injustice against him are groundless.However, he was nevertheless forcibly dismissed by Universal and TRLEI's board of directors, including members of his family.
Withdrawal of accusation
TRLEI's governance claims that Kazuo Okada stole at least $ 300 million in cash from the business.The Philippine Federal Court of Appeals overturned the lower court's conclusion last December.He decided that TRLEI's motion against the founder had the merit of bringing it to court.
The Court of Appeals said in a December ruling that there was no conclusive evidence that Okada had deliberately deceived money from TRLEI or Universal.
岡田氏が受け取った金銭を不正に使用したり、換金したりした事実はない」と控訴裁は判断した。TRLEI urged the Court of Appeals to review the evidence again.But this week, the court upheld the December ruling.
Mr. Okada is trying to regain control of the Filipino game empire he has built, and the decision of the appeals court was a unique victory for Mr. Okada. The rule of law of TRLEI continues to be contested even after taking over the rule of gaming operators ordered by Mr. Okada in late May.
The turmoil continues
In April, the Supreme Court of the Philippines ordered TRLEI to return to its 4 position through a "status quo order," with Okada in control.Okada understood the ruling as a legal right to recapture TRLEI through a search for a house in May.
The former TRLEI Group, which expelled Mr. Okada, submitted an "emergency reexamination request" to the Supreme Court.He urged all government agencies and agencies to "only deal with the legitimate board of directors of TRLEI."
Okada Manila operates normally despite the turmoil of the board and management.However, due to this governance issue, Universal told investors this week that it would delay its second-quarter financial reporting, saying it had unfairly acquired its most important business unit.
"Former director Kazuo Okada and a group acting under his direction invaded Okada Manila's facility operated by Triei on May 2022, 5, seized the facility and its operation, and still occupy Okada Manila. We continue to do so, "explains Universal Investors. "Mr. Okada and others have refused to provide any information to us, and we are unable to disclose breaking news according to our normal schedule."
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