Supreme Court Ends Okada Manila Ownership Dispute

The Supreme Court has rendered a definitive decision in the ongoing Okada Manila ownership issue, which is an unexpected development. The status of the resort, which was formerly run by founder Kazuo Okada, who was overthrown, drastically changed last year when the Court approved a forceful takeover. On Monday, though, there have been some recent events that suggest this status quo is changing.

The parent company of Okada Manila, Universal Entertainment Corp., celebrated a victory in court after Kazuo Okada’s suit against Tiger Resort, Leisure and Entertainment Inc., the famed integrated resort’s current operator, was refused by the Supreme Court. This ruling essentially gives the original owners of Okada Manila their ownership back, which is a huge win for Universal Entertainment.

Status Quo Ante Order and Ongoing Dispute

Tiger Resort was ordered by the Status Quo Ante Order (SQAO) to restore the full 2017 board of directors structure in April of last year. The legal dispute centered on claims that the previous owner had committed activities and committed fraud that had negatively impacted the business. The current verdict by the SQAO upsets the prior agreement, which had affirmed Okada’s representatives’ authority of Okada Manila for a period of three months.

As opposed to what Kazuo Okada had anticipated, the Supreme Court’s decision, which was made public on November 13, disclosed that the lawsuit against the operator was filed after the deadline for submitting an election contest had passed. Furthermore, Okada has been “properly removed as a shareholder, director, chairperson, and CEO of TRLEI.” It is now official. Research verified that he is not the controlling shareholder of Okada Holdings Limited and that he owns just one stake, which was canceled in 2017.

Now that the legal struggle is over, Universal Entertainment may go on with refinancing its privately placed notes outside of Japan by resuming talks with Philippine financial institutions. The Okada Manila project is intended to be financed by the corporation under a number of conditions, including restrictions on share buybacks. Updates on the development will be given by Universal Entertainment.

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