Tiger Resort Asia sends demand letter to Kazuo Okada’s board
The letter demands an inspection of Okada’s board’s internal documents.
The Philippines.- Tiger Resorts Asia (TRAL) has sent a letter to the Kazuo Okada-backed board of Okada Manila demanding an inspection of all payments made since the group regained control of the venue. The inspection would focus on transfers exceeding PHP1m (US$18,000), payments made to all TRLEI contractors and transfers to Kazuo Okada, Antonio Cojuangco, or Dindo Espeleta-related companies.
It would also include monthly management reports for June and July, lists of all rehired employees, all new supply and construction contracts, and projected payments of over PHP1m for August, as well as new bank accounts, changes to IT systems and records of deleted CCTV footage.
Divina Law, the lawyer representing TRAL, reminded the Okada group that the denial of this shareholder right “constitutes a crime under the amended company law”.
TRAL, which owns 99 per cent of Tiger Resorts, Leisure and Entertainment (TRLEI), is contesting Okada’s control of the Manla casino venue, which he took back at the end of May following a court decision. In June, TRAL warned thatany transaction supposedly made on behalf of TRLEI, our subsidiary, by any of these individuals or their agents and representatives, would not be recognised.
Universal Entertainment, TRLEI’s parent incorporated in Hong Kong, has recently reported it will also file criminal charges against Kazuo Okada and his team in Hong Kong.
The company said: “TRA is a wholly-owned subsidiary of the company and […] the directors of TRA are appointed by the company are recognized by the authorities under Hong Kong law and registered and publicly disclosed in Hong Kong.”
Universal claims that Okada’s behaviour amounts to a violation of Hong Kong law and said it intends to file charges relating to the falsification of official documents, fraud and embezzlement. In the meantime, Okada Manila has reported gross gaming revenue of PHP8.30bn (US$149.3m) for Q2, up 37.7 per cent quarter-on-quarter from PHP6.02bn.
The company reported that VIP GGR was up 27.8 per cent quarter-on-quarter to PHP3.25bn while mass-market table GGR was up 42.8 per cent to PHP2.19bn. Gaming machine GGR grew 46.7 per cent to PHP2.86bn and non-gaming revenue, including from hotel and food and beverages, was up 77.8 per cent to PHP665m.
