Japanese businessman writes to Philippine Stock Exchange to block listing of Manila casino

In a strange new development, Japanese businessman Kazuo Okada has written to the Philippine Stock Exchange, seeking to block the proposed listing of Tiger Resort Asia Ltd., a Manila-based casino. He cites that the casino’s parent company Universal does not have authority to go ahead with the listing plan.

Okada founded Universal in the 1960s. It started out as a manufacturer of pachinko and other gaming equipment. But he is at loggerheads with the company now and has been engaged in a complex legal battle.

He was ousted as Chairman of Universal in the summer of 2017 and was accused of misappropriating millions of dollars during the time he was at the company’s helm. Mr. Okada has repeatedly denied those allegations and has been trying to regain control of the gaming giant and of its owner, Okada Holdings.

News emerged last year that Tiger Resort Asia Ltd. would acquire a majority stake in the Manila-listed Asiabest Group International Inc. to pave the way for its backdoor listing. Tiger Resort Asia is the owner of the $2.4-billion Okada Manila integrated resort.

In a letter to the Philippine Stock Exchange dated January 11, Mr. Okada’s legal team said that “the backdoor listing is not authorized and is opposed by the casino magnate,” who is the true owner of controlling shares, and Chairman and Sole Director of Tiger Resort Asia and all Okada companies.

The letter went on that there was “a serious issue as to whether Fujimoto et al. are legitimate directors/officers of Tiger.” Mr. Okada’s lawyers referred to Universal Entertainment’s President Jun Fujimoto.

Earlier this month, the Parañaque City Regional Trial Court Branch 257 issued an arrest order for Mr. Okada. The order was related to a legal battle between the businessman and Tiger Resort Leisure and Entertainment, one of Universal Entertainment’s Philippine subsidiaries. Tiger Resort sued Mr. Okada for improperly obtaining more than $3 million.

The casino tycoon dismissed those allegations, saying that he received the contested amount as salaries and fees for consultancy services during the time he was serving as CEO and Director of the company. Mr. Okada was ousted from his roles at Tiger Resort in the summer of 2017.