In a bid to regain control of the companies that were taken away from him, Japanese tycoon Kazuo Okada has sought the court’s intervention with the filing of an intra-corporate suit against Tiger Resorts Leisure and Entertainment Inc., the operator of Okada Manila.
Okada filed a complaint before a regional trial court in Parañaque City against TRLEI, Tiger Resorts Asia Ltd., and their respective directors and officers.
In his complaint, Okada sought the nullification of his illegal removal as a shareholder and director of TRLEI.
He also asked for his immediate reinstatement, saying that his illegal ouster as shareholder, director, chairman and chief executive officer of TRLEI was null and void ab initio as it was done without authority and in violation of existing laws.
According to the suit, Okada was removed as a director of Okada Holdings Ltd. in May 2017 because of the fraudulent scheme of some people who betrayed his trust and confidence.
Okada Holdings Ltd. is a company which Okada himself founded in 2010. It serves as the holding company for all shares in Universal Entertainment Corp. owned by members of Okada’s family.
Okada Holdings Ltd. controls 68 percent of UEC, which owns TRLEI through TRAL.
Okada’s removal as director of Okada Holdings Ltd. resulted in his unceremonious and allegedly illegal removal from TRLEI in June 2017.
He also presented several documents which allegedly prove that his removal from TRLEI was illegal.
Okada has vowed to take back control of the companies that he claimed were fraudulently taken away from him.
“These past months have been very harrowing and painful as I witnessed our family being attacked by lies and torn to pieces. My son and daughter were used against me by people whose motives were purely dictated by their desire to rob me of the fruits of my labor. These people, without any pang of guilt, ostentatiously enjoy what does not belong to them,” Okada sad in a statement.
Earlier, the criminal complaints for estafa and perjury filed against Okada before the Parañaque and Makati Prosecutors’ Office were dismissed for lack of probable cause.
“These trumped-up charges were merely meant to harass me and justify my illegal ouster. Far from being valid cases, their baseless accusations only serve to demonstrate the grand conspiracy perpetrated by my detractors who betrayed my trust. Their real goal is to make sure that my good name is ruined,” Okada said.
Okada said he has received information that the people behind his ouster are planning to conduct a public offering of his company.
He insisted that he was not consulted on the matter, nor he will allow the shares of Okada Manila or his other companies be sold to the public.
“Let the public be forewarned about this,” Okada said.