Mr. Okada’s lawyer, Rean Balisi, told media that the lawsuit was filed last Wednesday in the Parañaque City Regional Trial Court. It seeks to void the casino mogul’s ouster from Tiger Resort, which he said was illegal, and to allow his return on his previous posts.
The Japanese businessman was ousted as director of Okada Holdings, the parent company of gaming machine manufacturer Universal Entertainment Corp., in May 2017 over allegations of misappropriation of funds. Universal Entertainment is the owner of Tiger Resort. Mr. Okada’s ouster from Okada Holdings later on led to his removal from the board of Tiger Resort.
The businessman also said in court papers that he has received information about plans for a public offering of his company and that he his advice on the matter had not been sought.
Okada Vows to Regain Control over His Companies
Mr. Okada said that he was the victim of a carefully planned coup that aimed to mar his reputation and remove him from his posts at the company. He went on to say that the people behind that coup later on manipulated his children to further benefit from their scheme.
The businessman revealed that he had reached out to his son, Tomohiro, asking him to serve the interest of his family and his business rather than of unscrupulous people who would do anything to reap financial and other benefits from the situation.
The Japanese tycoon is facing multiple legal challenges in relation to his alleged misappropriation of millions of dollars. Earlier this year, the City Prosecutor’s Offices of Parañaque and Makati dismissed cases of fraud and perjury against Mr. Okada for lack of probable cause. However, the cases are now to be reviewed in the Philippine Department of Justice as Tiger Resort has submitted a motion for reconsideration of the cases.
The DOJ took over the cases after the leakage of an important resolution from the Parañaque Prosecutor’s Office. The resolution was posted on social media by a woman who was believed to be Mr. Okada’s partner.
Reports emerged last month that the businessman was arrested in Hong Kong on fraud charges. Those reports were later on dismissed by Mr. Okada’s lawyer as fake news.
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The post Casino Tycoon Kazuo Okada Sues His Own Company, Wants Reinstatement to Board appeared first on Casino News Daily.
