Okada seeks PSE intervention on Tiger Resort-Asiabest sale-purchase deal, threatens legal action
Japanese billionaire Kazuo Okada has warned the Philippine Stock Exchange of the ongoing ownership squabble involving Tiger Resort Asia Ltd., which is set to take over publicly-listed Asiabest Group International Inc.
In a statement, Okada?s legal counsel asked the PSE to order ABG “to do a full disclosure of its share purchase transaction with Tiger Asia to ensure transparency and allow he gaming tycoon to ?take the necessary steps to protect his interests in the company which operates the $2.4 billion integrated resort Okada Manila.
Okada, who claims to own 34.41 percent of Tiger Asia, was reportedly never informed about the deal. Tiger Asia is acquiring two-thirds of ABG for P646.5 million in a special block sale targeted on Nov. 12.
?Asiabest, 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 TRAL?s authority to enter into such transaction,? Okada?s lawyers said.
Okada throated to file the appropriate criminal, civil and administrative cases against those responsible for forging the sale transaction.
He earlier sued Tiger Asia and its directors and officers for illegally ousting him from Tiger Asia and Okada Holdings in violation of the Corporation Code.
The gaming magnate was removed from his positions in the two companies due to alleged fraudulent activities.