Claimed bank freeze not hurt Okada Manila: Kazuo Okada

Jun 21, 2022 Newsdesk Latest News, Philippines, Top of the deck  

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A Monday press release issued in behalf of the “Kazuo Okada group” said that what it termed a “purported bank freeze” on accounts linked to the Okada Manila casino resort in the Philippine capital, “has no effect at all on Okada Manila’s commitment to its partners and valued patrons”.

The freezing by three Philippine banks of accounts said to be linked to Okada Manila had been mentioned in a Sunday press release from Japanese leisure conglomerate Universal Entertainment Corp. The group has been disputing control of the venue with its ousted founder, Japanese entrepreneur Kazuo Okada (pictured in a file photo).

Mr Okada’s side said in its Monday statement: “Management is closely working with the banks in order to provide continued support to Tiger Resort Leisure and Entertainment Inc’s business needs.”

Control of the latter company, the promoter of Okada Manila, is also in dispute, with currently two rival boards claiming to represent Tiger Resort Leisure and Entertainment: one from Mr Okada’s side; and one from Universal Entertainment’s side.

The Monday statement said Mr Okada had given assurances that “all financial obligations are met and that all ongoing business transactions are right on track”.

It also said: “There will be no disruption of business operations in Okada Manila because everything has been business as usual since the Kazuo Okada group took over.”

An incident on May 31 saw supporters of Mr Okada enter Okada Manila, saying they were enforcing a Philippine Supreme Court order they said had the effect of restoring the Japanese entrepreneur to control of the property.

“There will be no disruption in the operations of Okada Manila and that definitely includes the salaries and compensation of its employees,” said the Monday statement from Mr Okada’s side.

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