Supreme court lifts order in Okada Manila ownership battle

Shirley Pulis Xerxen November 28, 2023

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Supreme court lifts order in Okada Manila ownership battle

In an unexpected turn of events, the Supreme Court has issued a definitive decision in the ongoing Okada Manila ownership battle. The court’s ruling marks a significant victory for Universal Entertainment Corp., the parent company of Okada Manila, and puts an end to a prolonged legal battle with the resort’s former founder, Kazuo Okada.

Court Declares Kazuo Okada’s Removal and Ownership Status

The Supreme Court, in its judgment, lifted the Status Quo Ante Order (SQAO) that had been in place due to a lawsuit initiated by Kazuo Okada against Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the current operator of Okada Manila. The court noted that Kazuo Okada’s legal action had exceeded the allowable filing period for an election contest, affirming that he had been “properly removed as shareholder, director, chairperson, and CEO” of TRLEI. Additionally, the court clarified that Kazuo Okada is not the controlling stockholder of the ultimate parent company, Okada Holdings Limited.

Okada Manila Regains Ownership as Legal Battle Concludes

With the resolution of the litigation, the Supreme Court’s SQAO has been immediately lifted, signalling the conclusion of the legal dispute that included a hostile takeover attempt by Kazuo Okada in May 2022. Universal Entertainment Corp. now celebrates a triumph in regaining ownership of Okada Manila, as the court’s decision overturns the forceful takeover approved last year.

Universal Entertainment Looks Ahead to Financial Negotiations and Refinancing

Now that the legal struggle is over, Universal Entertainment Corp. is set to recommence negotiations with Philippine financial institutions and proceed with the refinancing of its privately placed notes outside Japan. The corporation, which oversees the Okada Manila project, plans to navigate various conditions, including restrictions on share buybacks, as it moves forward with the financing. Updates on these developments will be provided by Universal Entertainment in the coming months.

The recent court ruling has not only reshaped the ownership landscape of Okada Manila but also paved the way for Universal Entertainment Corp. to advance its financial strategies, signalling a new chapter for the renowned integrated resort.

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