Участник:Supreme Court Dismisss Kazuo Okada From Okada Manila And Universal Entertainment

According to the latest information released by the Supreme Court, Okada Manila is no longer a status quo. The famed complex in Manila, Philippines, has fallen into the hands of its former founder, who has been kicked out since last year when the court approved a forced takeover.

Okada vs Tiger Resort:

But on Monday, Nov. 27, Universal Entertainment, Okada Manila's parent company, was denied a petition when it announced good news about the resort, and the company officially returned to its owner.

Kazuo Okada filed a plea against Tiger Resort, Leisure and Entertainment Inc., which currently operates the resort, but the plea was rejected.

In April last year, a status quo order (SQAO) was issued, and Tiger Resorts was obliged to restore the entire structure of its board from 2017. Since then, the dispute has led to allegations that the former owner harmed or potentially harmed the company and caused fraud.

At the time, Inside Asian Gaming reported that SQAO's insurance confirmed that Okada's agents had taken control of Okada Manila's operations under their control, and the situation lasted for three months. But Tiger Resort, backed by Universal, was bought back by Philippine gaming regulator PAGCOR in September last year.

Result:

According to the report, the Philippine Supreme Court's response was not what Mr. Okada expected. A resolution issued on Nov. 13 stated that legal action was submitted against the operator after the election competition application period expired. However, that is not all - Mr. Okada has now been "appropriately removed as a shareholder, director, chairman and CEO of TRLEI."

The investigation found Okada to be a shareholder under the name of just one share, and it was canceled in 2017. It also turned out that it was not the controlling shareholder of Okada Holdings, the resort's parent company.

According to Japanese and Hong Kong courts, the majority shareholder is his son Tomohiro Okada.

"The resolution closed the lawsuit and the Supreme Court's SQAO was also lifted immediately," it said in a filing shared on Monday. As a result, the company will resume negotiations with suspended Philippine financial institutions and refinance private equity bonds outside of Japan through various contracts, including restrictions on share buybacks issued to finance the "Okada Manila" project. The company will immediately announce progress that should be disclosed 온라인 슬롯