Alfredo Lim, president of PAGCOR, said the body will investigate the matter and ensure smooth operations at the casino resort.
The Philippines.- The regulator PAGCOR has said that it will investigate claims that Kazuo Okada has taken back control of Okada Manila. Tiger Resort Leisure Entertainment (TRLEI) claims a group linked to the Japanese billionaire used force and intimidation to force legitimate officers to vacate the casino premises.
PAGCOR chairman Alfredo Lim said he was “shocked to read there was violence and intimidation” in the incident but told Reuters that PAGCOR’s “only concern in this corporate squabble between contending stockholders is that the operation is not disturbed.”
In June 2017, Kazuo Okada and COO Takahiro Usui were kicked off the board of Tiger Resort Leisure Entertainment. However, in January the Philippines Court of Appeals dismissed fraud charges against Okada.
On May 2, 2022, Okada re-installed his board of directors and officers, and this was apparently recognised by PAGCOR as the legitimate board consistent with the SQAO. However, the opponents of Okada’s return, have filed an appeal and are waiting for the Supreme Court to decide whether or not to overturn or reconsider the order.
Okada, it seems, didn’t wait for that appeal to be heard. TRLEI claims a group led by former board member Tonyboy Cojuangco arrived with about 50 private guards and police officers who claimed they were authorised by a court order to take over the Okada Manila complex.