Kazuo Okada moves to block Tiger backdoor listing
Japanese billionaire Kazuo Okada has asked the Philippine Stock Exchange (PSE) to junk the proposed listing of Universal Entertainment Corp’s domestic unit in a bid to safeguard the interest of the investing public pending resolution of the ownership dispute.
In an urgent letter to the Philippine Stock Exchange, Okada said Tiger Resort Asia Ltd. is not authorized to proceed with its plan list through Asiabest Group International Inc.
Okada’s lawyers Salvador Panelo Jr. and Kathleen Mativo maintained that the gaming tycoon is the “true and legal beneficial owner of controlling shares, and chairman or sole director, in all Okada companies.
The pachinko king was ousted as chairman of Universal Entertainment in 2017 over allegations he misappropriated $20 million, , which he strongly refuted.
“Until it is fully settled, the control and ownership dispute within the Okada Companies makes Tiger unsuitable to be listed with the exchange,” Okada’s lawyers said.
In September last year, Tiger Resort, owner and operator of the $2.4 billion Okada Manila integrated resort, signed a deal to buy two-thirds of Angping-led Asiabest for P646.5 million or P3.23 each share.
Tiger Resort’s planned backdoor listing through ABG will allow it to raise fresh capital to complete the development of Okada Manila and pare down debt.
The Paranaque Regional Trial Court has ordered the arrest of Okada for fraud charges