Kazuo Okada calls on PSE to investigate Asiabest Group Int’l

Japanese billionaire Kazuo Okada has called on the Philippine Stock Exchange (PSE) to look into the supposed "misleading" disclosures of Asiabest Group International Inc. (ABG), in connection with the company's share purchase agreement with Tiger Resort Asia Ltd. (Tiger Asia).

In an e-mailed statement on Thursday, the camp of Okada said it sent out a letter to the PSE on September 21, informing it of the "suspect and outright evasive" disclosures of ABG.

According to Okada, ABG — in its disclosures — failed to bring up his pending intra-corporate lawsuit against Tiger Asia, as part of his efforts to regain his interest in the company.

“Listed firms, like ABG, are mandated to fully disclose the details surrounding share purchase transactions,” said Okada through his lawyers, Attys. Ramon S. Esguerra, Carlos Paulo M. Villaruz, and Vivian S. Tan-Dela Cruz.

This comes as Okada on August 29, 2018 filed a lawsuit against Tiger Asia before the Paranaque Regional Trial Court to protest his supposed "illegal" removal in June 2017 as shareholder and director of Tiger.

According to Okada's legal counsel, this should have been included in the disclosures of ABG, which would have an effect on the trading and market value of ABG's securities.

This comes as ABG plans to sell some 200 million shares to Tiger Asia in a special block sale which could take place in November.

Okada's camp also said pending cases should be included in the disclosures to warn the public about the possibility that the agreement could be nullified. — MDM, GMA News