Gold99 | The directive mandated Universal/TRLEI to revert its executive remuneration to the structure in place during 2017, coinciding with Kazuo Okada’s board membership.
Allegations by Okada point to his estranged adult children, Tomohiro Okada and Takako Okada, who, since 2016, have been at odds with their father over claims of embezzlement. They are now the primary shareholders of Universal by way of inheritance.
Exploiting the SQAO, Okada orchestrated a takeover of Okada Manila, the $2.4 billion integrated resort, during a raid on May 31, 2022. Retaining control for approximately three months, Okada’s grasp was relinquished in September 2022 following a directive from the Philippine Amusement and Gaming Corporation, ordering the resort’s return to Universal and TRLEI.
Gold99 | End of Legal Dispute as Philippines Supreme Court Lifts Status Quo Ante Order
In a recent announcement, Universal revealed that on November 13, the Philippines Supreme Court lifted the Status Quo Ante Order (SQAO). The high court decisively ruled that Kazuo Okada was lawfully removed from his roles as shareholder, director, chairperson, and CEO of TRLEI.
According to Universal Entertainment’s statement, the Supreme Court clarified that Okada held only a nominal share in TRLEI, a single share that was nullified in 2017 by the parent company, Tiger Resort. The court’s resolution explicitly countered Okada’s assertions, stating that he does not possess controlling stock in the ultimate parent company, Okada Holdings Limited (OHL). This determination is rooted in conclusive foreign judgments from Japanese and Hong Kong courts, acknowledged and upheld in the Philippines. These foreign judgments definitively recognized Tomohiro Okada as the majority shareholder of OHL.
With the SQAO lifted, Universal declared the conclusion of the litigation.
Representatives from TRLEI estimate that a substantial amount, at least PHP500 million (US$9 million), was embezzled from its cash reserves during the three-month period when its executives were barred from accessing the property. Additionally, the corporate ownership dispute thwarted a proposed merger by US businessman Jason Ader and his special purpose acquisition company, 26 Capital, preventing the execution of its reverse takeover of the casino resort.
Continuing Legal Battle: Criminal Case Unfolding
The recent decision by the Philippines Supreme Court to revoke the Status Quo Ante Order (SQAO) for Okada Manila signifies a significant setback for Kazuo Okada, potentially paving the way for additional legal challenges.
During the previous summer, Okada faced arrest and was charged with a single count of “grave coercion” in the Philippines, directly linked to his orchestration of the Okada Manila raid.
Maintaining his innocence, Okada entered a plea of not guilty in the ongoing case. His legal team is actively pursuing the dismissal of the lawsuit, initiated by the Philippines Department of Justice. As the legal proceedings continue, the outcome remains uncertain, and Okada faces the prospect of further legal setbacks.
