UEC CEO accuses Okada of hiding information

UEC CEO accuses Okada of hiding information

There are more public statements from the involved parties in the fight over control of the casino resort. Jun Fujimoto, the CEO of Universal Entertainment Corp, has made accusations against Kazuo Okada and his representatives.

Fujimoto issued a statement accusing Japanese billionaire and founder of the resort of not revealing information to the Philippines Supreme Court about the ownership structure and stakeholding in the resort. UEC holds a 99% stake in TRLEI and is the sole owner of TRAL, according to Fujimoto. The Supreme Court was not provided with this information.

The battle over the control of the resort started in the end of May when a group of his representatives organized a physical takeover of the property on the grounds of a status quo ante order from the Philippines Supreme Court. The board of TRLEI was removed from the venue and the group started representing the company. The motion for clarification was filed by the parent company of TRLEI, Tiger Resort Asia.

Fujimoto wants the Philippines Supreme Court to reverse the status quo ante order and he has made allegations that the information provided by Kazuo Okada is false. Fujimoto said that the actions of the Kazuo group have put the company and its employees in danger. The Philippines has an international reputation for being a center for business and investment.

According to Fujimoto, the UEC has put forward plans to file legal charges against Okada in Hong Kong because he has violated the law there.

Due to the actions of Okada and the ongoing legal proceedings, UEC has issued a press release that informs about a delay in the announcement of the financial results of TRLEI for the second quarter of 2022, as the company currently does not have access to important documentation.

Summary:

Universal Entertainment Corp (UEC) CEO Jun Fujimoto has accused Japanese billionaire Kazuo Okada of not disclosing information to the Philippines Supreme Court regarding the ownership structure and stakeholding in the Okada Manila Casino Resort. UEC is the sole owner of TRAL, which in its turn holds a 99% stake in Tiger Resorts, Leisure and Entertainment Inc (TRLEI).