GGRAsia – Universal Ent says 3 banks froze Okada Manila accounts

Universal Ent says 3 banks froze Okada Manila accounts

Jun 20, 2022 Newsdesk Latest News, Philippines, Top of the deck

Universal Entertainment Corp, which is disputing control of the Okada Manila casino resort (pictured in a file photo) with its ousted founder Kazuo Okada, said in a Sunday press release that Okada Manila bank accounts, held respectively at three Philippine banks, had been “frozen”.

It follows an incident on May 31, when supporters of Mr Okada entered the resort, saying they were enforcing a Philippine Supreme Court order they said had the effect of restoring the Japanese entrepreneur to control of the property.

But the Universal side has been challenging that via the courts and a criminal complaint mechanism.

“Okada Manila’s bank accounts have been frozen, casting doubt on its operational stability after its cage money runs dry,” claimed the Sunday announcement.

The document cited attorney Estrella Elamparo, representing what Universal Entertainment says is the legitimate board of Tiger Resort, Leisure and Entertainment Inc, the entity set up to promote the Okada Manila resort in the Philippine capital.

The statement said BDO Unibank (BDO), Asia United Bank (AUB), and Union Bank of the Philippines, had “decided to freeze the accounts of Okada Manila due to the ongoing intra-corporate dispute in the operator of Okada Manila”.

The Sunday statement added that the warring factions had been unable to reach agreement to enable Okada Manila staff salaries to be paid.

It cited Ms Elamparo indicating that those currently at Okada Manila may choose to use the “cage money” or the revenues generated from the operations of the casino and hotel to fund the operations and the salaries of Okada Manila’s employees.

“However, those funds can only go so far and are expected to run dry soon,” added the statement.

Last week Jason Ader, a United States-based businessman negotiating with Universal Entertainment to help get the Okada Manila operation listed on Nasdaq, had said in comments to GGRAsia that the casino industry and investors had been “horrified” by the physical takeover of the resort by Mr Okada’s side.