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Wednesday, May 29, 2024

SC asked to act quickly on Okada row

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Universal Entertainment Corp. (UEC) has appealed to the Supreme Court to hasten the resolution of its appeal to settle the intra-corporate dispute in Okada Manila.

Jun Fujimoto, UEC president, said the Japan-listed company is hoping for a favorable decision on the motion for reconsideration filed by its subsidiary, Okada Manila operator Tiger Resort Leisure and Entertainment Inc. (TRLEI), on the status quo ante order issued by the Supreme Court in April.

“We at UEC formally and respectfully appeal to the Philippine Supreme Court and government agencies for their support and swift action. We are confident that the pieces of evidence that we have provided to the honorable Court will speak volumes in the correctness of our position,” Fujimoto said.

UEC wholly owns Tiger Resort Asia Ltd. (TRAL), a Hong Kong-based company, which in turn owns 99.99 percent of TRLEI, the operator of Okada Manila.

The status quo ante order directs the Okada Manila and TRLEI to maintain the status quo prevailing prior to the removal of Japanese gaming tycoon Kazuo Okada as CEO, chairman and stakeholder.

Fujimoto emphasized that Okada Manila is not owned by a single individual. Insteaad, it is a multibillion-dollar investment of several individuals that believed in the potential of the Philippines as an investment destination.

Fujimoto said UEC is bent on bringing Kazuo Okada to court in Hong Kong, where TRAL is registered.

“Welcoming back the UEC and TRAL-recognized board will set TRLEI and Okada Manila back on track and the company can focus on recovery and growth,” Fujimoto said.

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