The legal counsel representing the board, backed by Okada Manila’s majority owner, Tiger Resort Asia Ltd (TRAL), said the integrated resort in the Philippines had had its bank accounts frozen amid an ongoing battle for the control.
According to a press release on Sunday evening, BDO Unibank (BDO), Asia United Bank (AUB) and Union Bank of the Philippines chose to freeze Okada Manila’s accounts due to the ongoing intra-corporate dispute between TRAL and a group representing company founder Kazuo Okada. Mr. Okada was removed from the board of directors of Tiger Resort, Leisure and Entertainment Inc (TRLEI), operator of Okada Manila, which is 99.9% owned by TRAL, and parent company Universal Entertainment Corp in 2017 due to allegations of fraud.
Atty Estrella Elamparo, who represents the TRAL-backed board, said BDO had demanded both parties sign an agreement to pay Okada Manila employees’ salaries, but the faction led by Kazuo Okada had refused to sign any deal bearing director Hajime Tokuda’s signature.
“Despite being on the right side of the law, TRLEI’s legitimate board of directors decided to draft and sign the agreement, understanding that employee welfare is at stake,” Elamparo said.
“However, Kazuo Okada’s side did not insist on signing the agreement, imposing unreasonable conditions.”
Sunday’s statement suggested that the Kazuo Okada Group, which forcibly took control of Okada Manila late last month, could choose to use ‘cage money’ or revenue generated from operations casino and hotel to fund operations and salaries for Okada Manila employees, but said those funds would “run out soon”.
“The winds of change that will blow over Okada Manila smell of disaster and misfortune,” Elamparo said.
“After their violent and illegal takeover, Okada Manila no longer has access to his bank accounts. We expect Okada Manila’s funds to dwindle in the coming weeks, not only putting customers at a loss, but at the same time endangering its more than 5,000 employees, many of whom depend on their salaries to meet their needs. their daily needs.
“No bank will engage with any entity in an ownership dispute. Once Okada Manila’s funds start to dry up, they will have problems managing the operations of the integrated casino.
Okada Manila’s takeover came after the Philippines’ Supreme Court issued a standstill order (SQAO) in April requiring TRLEI’s board to return to its status of five years ago. , before the dismissal of Kazuo Okada.