The Okada Manila takeover was perverted

The Okada Manila takeover was perverted

The Okada Manila takeover is being slammed by the offspring

The son of the ousted founder of Universal Entertainment Corp. accused his father of being disrespectful and perverted in his interpretation of a court order in a press release issued by Universal Entertainment Corp.

The release said that the son disagreed with the management and ethics of his father, as he always acts as if he is above the law.

All sense of legality and good governance has been lost by him. He uses his companies as a personal savings account, which led to many cases he now faces. I don’t want to be associated with my father and his sham board, and I don’t want to tolerate this kind of behavior.

As previously reported by GGRAsia, the son supported the incumbent management following the ousting of Mr. Okada senior from the Universal Entertainment board due to allegations of fraud.

The latest strand in a complex and drawn out narrative running for at least five years, that spans family dynamics as well as the management of public and private companies, and which returned to the headlines on May 31, is quoted comments made by Mr Tomohiro Okada on Wednesday.

The representatives of Mr Kazuo Okada have been in the complex since that day.

A Philippine Supreme Court order in late April restored the board of Tiger Resort, Leisure and Entertainment to how it was before Mr. Okada was ousted, according to his side.

The Universal Entertainment side believes that the interpretation of the court order is a red herring and that Mr. Kazuo Okada’s move to occupy Okada Manila is a faulty interpretation of the court order. The ultimate and true controller of Universal Entertainment, according to the Japanese conglomerate, is a privately-held Hong Kong firm, which Universal Entertainment says is majority-owned by Mr. Tomohiro Okada.

The Japanese courts have upheld the latter scenario, according to Universal Entertainment. 99.99 percent of the TRLEI entity is controlled by Hong Kong-based Tiger Resorts Asia, which is wholly owned by the Japan-based group.

I don’t recognize the illegitimate occupation of Okada Manila or any of their claims that they are now in control of it. According to the Wednesday statement, Mr Tomohiro Okada said that he only recognised the legitimate board of TRLEI that was led by the shareholders.

Mr Tomohiro Okada said that his father did not have the right to control Okada Manila because of his minority voting stakes in the company.

His son was quoted as saying that Universal Entertainment and associated entities were trying to get the Philippine courts to throw out the Kazuo group’s futile attempt at what is truly a shameful corporate theft.

Universal Entertainment said earlier this month that it was pursuing a criminal complaint against Mr Kazuo Okada in Hong Kong, as well as fighting him in the Philippine courts.

Summary:

Kazuo Okada’s son Tomohiro has accused his father of a “disrespectful and perverted” interpretation of a court order, in order to apply “brute force to illegally take over the premises” of Okada Manila. “He has lost all sense of legality and good governance. He uses his companies as his personal piggy bank which led to the numerous cases he now faces,” Tomohiro said.