Kazuo Okada seeks reinstatement as head of casino-hotel operator

Japanese gaming tycoon Kazuo Okada has asked a Parañaque court to order his reinstatement to the chairmanship and directorship of the operator of the Okada Manila casino resort and hotel complex.

In an August 29 complaint obtained Monday, Okada also asked the Parañaque City Regional Trial Court to declare his “unlawful” ouster from the Tiger Resort, Leisure and Entertainment, Inc. (TRLEI) in June last year void from the start for “being without authority” and for violating the Corporation Code.

Also named defendants in Okada’s complaint were Tiger Resort Asia Limited (TRAL), TRLEI directors Manuel Lazaro, Kenji Sugiyama, Steven Wolstenholme, Antonio Cojuangco, Reynaldo David, and Yoshinao Negishi, and TRAL directors Kenshi Asano and Takako Okada.

“Mr. Okada’s removal as a shareholder, Director, Chairman and CEO of TRLEI is null and void ab initio pursuant to Section 28 of the Corporation Code. It produces no legal effect whatsoever,” the 24-page complaint said.

“Under Section 28 of the Corporation Code, only TRAL, which owns 99.9 percent of TRLEI, may remove Mr. Okada as a shareholder and director of TRLEI,” it added.

Okada also presented documents that will prove that his removal from TRLEI was "illegal," to support his bid for reinstatement as shareholder and director, a Monday statement from his lawyers said.

Okada founded Okada Holdings Ltd., the holding company for all shares in the Okada family-owned Universal Entertainment Corporation, in 2010. The holdings firm controls 68 percent of UEC, which through TRAL owns TRLEI, the statement said.

“These trumped-up charges were merely meant to harass me and justify my illegal ouster. Far from being valid cases, their baseless accusations only serve to demonstrate the grand conspiracy perpetrated by my detractors who betrayed my trust. Their real goal is to make sure that my good name is ruined,” Okada said in the statement.

He also said he will not allow the shares of Okada Manila or his other companies to be sold to the public.

Okada was cleared of estafa and perjury charges this year by local prosecutor's offices this year. — BM, GMA News