Gaming tycoon Kazuo Okada has warned the Philippine Stock Exchange regarding the share purchase agreement recently entered into by Asiabest Group International Inc. and Hong Kong-based Tiger Resort Asia Ltd.
In his Sept. 13, 2018 letter to the stock exchange, Okada stressed the PSE must ensure transparency in the transaction to properly inform the public and for him to take the needed action to protect his interest in Tiger Asia.
Okada asked the PSE to order ABG to fully disclose details of its agreement with Tiger Asia, owner of Tiger Resort Leisure & Entertainment, Inc., operator of Okada Manila.
“ABG, 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,” Okada said in a letter signed by his lawyers Ramon Esguerra, Carlos Villaruz and Vivian Tan-Dela Cruz.
According to Okada, who owns 34.41- percent beneficial interest in both Tiger Asia and TRLEI, he was never consulted about Tiger Asia’s intended purchase of two-thirds (2/3) stake in ABG.
The business tycoon warned he would file appropriate criminal, civil and administrative cases against those responsible for entering into the reported illegal Share Purchase Agreement.
In his letter, Okada also informed the PSE he filed an intra-corporate lawsuit against Tiger Asia and TRLEI and their respective directors and officer on Aug. 29, 2018.
In his lawsuit, Okada asked the court to nullify his illegal removal in June 2017 as a shareholder and director of TRLEI and immediately reinstate him to his old post.
In a separate letter dated Sept. 17, 2018, Okada’s lawyers asked the Capital Markets Integrity Corp. to investigate ABG’s disclosures in connection with its share purchase transaction with Tiger Asia.
CMIC is tasked to regulate and monitor activities of market participants, with the primary mandate to maintain the integrity of the market.