Okada Manila sees ‘brighter’ future

February 06, 2019
Okada

A BRIGHTER future is seen for Okada Manila and its wide range of clientele after its parent company, Tiger Resort Asia, Limited (TRAL) completed acquisition of the majority shares of Philippine Stock Exchange (PSE)-listed company, Asiabest Group International, Inc. (ABG).

Hong Kong-based TRAL, also the parent company of Tiger Resort, Leisure, and Entertainment, Inc. (TRLEI) acquired 66.6 percent of ABG’s listed shares, thus paving the way for the eventual public listing of TRLEI, which operates Okada Manila.

Following these developments, Okada Manila is poised to change its brand name as a step to fully focus on refining its operations and further gaining stellar growth on a clean, untarnished slate.

The brand name change is seen as a TRLEI move to estrange the firm from its fallen ex-chairman, Kazuo Okada, who was ousted in 2017 from the TRLEI and UEC Group.

Okada Manila, the largest luxury integrated resort in the Philippines is a fully owned subsidiary of Universal Entertainment Corp. (UEC), a publicly listed company in the Tokyo bourse.

A Tokyo District Court decision on January 25 affirmed the validity of a 2017 trust agreement between Okada scions Tomohiro and Hiromi that caused the ouster of the elder Okada from the Hong Kong firm Okada Holdings Ltd. (OHL) which, in turn, owns 67.9 percent of UEC.

Tomohiro and Hiromi moved to oust their father from running their business over the issue of “fraudulent business practices,” according to earlier news reports on the controversy.

The Tokyo court ruling is seen as the major turning point in the dispute between the 77-year-old Okada and the current management of the UEC group.  

One source cites that “the Tokyo ruling effectively confirms the legality of the removal of Mr. Okada and makes it almost impossible for him to regain control of OHL, UEC and its subsidiaries, including Okada Manila.”

On July 30 last year, Okada was also nabbed in Hong Kong and subjected to a 10-hour intense interrogation over suspicion of multiple bribery by the Hong Kong Independent Commission Against Corruption (ICAC).

ICAC also ordered Okada to stay in Hong Kong once a month each year or face the risk of being hunted throughout the world.