The Parañaque Regional Trial Court has junked the move of gaming tycoon Kazuo Okada to question and stop his removal from Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila.
In a nine-page order, Judge Noemi J. Balitaan of RTC Branch 258 dismissed the Intra-Corporate Dispute for Declaration of Nullity of his Removal from TRLEI filed by Okada, ruling that his action has already prescribed.
“In Aldovino versus Alunan, the Supreme Court has held that when the plaintiffs’ own complaint shows clearly that the action has prescribed, such action may be dismissed even if the defense of prescription has not been invoked by the defendant . . . Wherefore, based on the foregoing, the case is hereby dismissed,” the lower court ruled.
Court records showed that Kazuo had filed the case questioning his removal as shareholder, director, president and chief executive officer of TRLEI in a stockholders’ meeting in June 2017. TRLEI held the special stockholders’ meeting to elect a new board since Okada’s one nominal share of TRLEI had been revoked by its parent company, Tiger Resorts and Leisure based in Hong Kong.
It appeared that Okada held his leadership positions in TRLEI on the basis of the nominal share he held in trust for TRAL. Okada was subsequently removed from TRLEI, since his Deed of Assignment with Declaration of Trust with TRAL had been revoked by the Hong Kong firm.
On Aug. 29, Okada filed the intra-corporate dispute case, arguing that his removal was void and illegal and that the election of the new composition of the board of TRLEI was likewise void.
However, the court ruled that what Okada filed was an election contest seeks to nullify the election of the Board of Directors. It stated that being an election contest, the same should have been filed within 15 days from the alleged date of his removal.
“Records show that this case was only filed before this Court on August 29, 2018 or approximately one year and two months after the alleged removal of the plaintiff as shareholder, director, chairman and chief executive officer of TRLEI, in violation of interim rules,” the Court declared.
It also denied all other pending motions in relation to the case, namely Motion for Issuance of a Gag Order, Motion for the Issuance of Alias Summons, Notice to Take Deposition and Motion to Disallow Deposition, were also dismissed for being moot and academic.