• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Okada demands firms reveal deal for Manila casino listing

Sep 19, 2018 Newsdesk Latest News, Philippines, Top of the deck  


Okada demands firms reveal deal for Manila casino listing

Japanese gaming tycoon Kazuo Okada (pictured) wants the Philippine Stock Exchange (PSE) to release the details of the transactions in the proposed takeover of Philippine-listed Asiabest Group International Inc by Hong Kong-registered Tiger Resort Asia Ltd.

In a letter to the PSE dated September 13, which has since been released to the public, Mr Okada’s lawyers want the PSE to order Asiabest to disclose the full details of any transactions.

In a second letter, dated September 17 and also made public, Mr Okada’s lawyers have asked the Capital Markets Integrity Corporation in Manila to investigate the disclosures about the deal made by Asiabest Group. The markets corporation regulates the stock market with a view to maintaining its integrity.

In the latest legal action to protect his interest in the group, Mr Okada’s says he owns 34.41 percent of Tiger Resort Asia and a subsidiary, Tiger Resort Leisure and Entertainment Inc, which runs the Okada Manila. Mr Okada asserts he has not been consulted about the agreement for Tiger Resort Asia to buy two-thirds of Asiabest. The execution date for that deal is scheduled for November 12.

“ABG (Asiabest Group), as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly that there is a legal controversy on Tiger Asia’s authority to enter into such transaction,” Mr Okada said in a letter signed by his Manila-based lawyers.

If approved by the regulators, the transaction could allow Tiger Resort Asia,which is controlled by Universal Entertainment Corp of Japan, to float the operator of Okada Manila.

In his lawyer’s letter, Mr Okada warned that he will file appropriate criminal, civil and administrative cases against those involved in the proposed share sale. He told the exchange that he filed an intra-corporate lawsuit against Tiger Resort Asia, Tiger Resort Leisure and Entertainment, and their directors and corporate officers on August 29. Mr Okada’s action was filed with the Regional Trial Court in Parañaque City.

Mr Okada was removed from the board of Universal Entertainment in June last year, and that has seen a feud erupt and several lawsuits launched. Mr Okada was removed after allegations of “three acts of fraudulence”. Mr Okada denies the claims.

The businessman was also removed as chairman of Tiger Resort, Leisure and Entertainment in June last year at an urgent special stockholders’ meeting. He was subsequently removed from the Hong Kong-registered private company Okada Holdings Ltd. Mr Okada is taking legal action in Hong Kong to regain control of Okada Holdings.

Mr Okada’s lawyers say Okada Holdings is a company he founded in 2010 to serve as the holding company for all Universal Entertainment shares owned by the members of Mr Okada’s family. Okada Holdings controls more than two-thirds of Universal Entertainment, which owns 99.99 percent of Tiger Resort Asia, which owns 99.99 percent of Tiger Resort, Leisure and Entertainment.

The Japanese businessman is also contesting his removal as chairman of Universal Entertainment.


  • tweet
Related articles
  • Universal hopes Okada Manila biz listed before Sept 30
    Universal hopes Okada Manila biz listed...

    Jun 30, 2022  

  • Pagcor missing US$43mln revenue from POGOs: audit
    Pagcor missing US$43mln revenue from...

    Jun 23, 2022  

More news
  • Sega Sammy to launch Genesis Crest 43J cabinet in Asia
    Sega Sammy to launch Genesis Crest 43J...

    Jul 01, 2022  

  • Macau monthly GGR for June worst since Sept 2020
    Macau monthly GGR for June worst since...

    Jul 01, 2022  


Latest News

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Jul 01, 2022  

Casino equipment supplier Sega Sammy Creation Inc said in a Friday release it was debuting its Genesis Crest 43J cabinet in Asia. The product will be available at an in-person trade show, G2E Asia:...
Read More
Macau monthly GGR for June worst since Sept 2020

Macau monthly GGR for June worst since Sept 2020

Jul 01, 2022  

Kangwon 2021 average bet 61pct above foreigner casinos

Kangwon 2021 average bet 61pct above foreigner casinos

Jul 01, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


638

Aggregate number of Covid-19 cases in the latest Macau outbreak, as of Thursday-end



Most Popular

  • Macau tells casinos cut on-duty staff by 90pct: reportsMacau tells casinos cut on-duty staff by 90pct: reports July 1, 2022
  • 5-casino Thai market ok says National Assembly committee5-casino Thai market ok says National Assembly committee June 30, 2022
  • GKL says no biz lift soon from S.Korea-Japan travel easingGKL says no biz lift soon from S.Korea-Japan travel easing July 1, 2022
  • Macau monthly GGR for June worst since Sept 2020Macau monthly GGR for June worst since Sept 2020 July 1, 2022
  • Universal hopes Okada Manila biz listed before Sept 30Universal hopes Okada Manila biz listed before Sept 30 June 30, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us