Universal accused of bribing official to win Okada Manila dispute
26 Capital has accused Universal Entertainment of attempting to influence a Filipino legislator to regain control of Okada Manila.
The Philippines.- 26 Capital Acquisition Corp. has accused Universal Entertainment of attempting to sway a Filipino legislator in relation to its legal dispute over Okada Manila. The claims were filed in Delaware Chancery Court.
According to Bloomberg, 26 Capital claims that Universal Entertainment’s executives arrived at a meeting with Philippine House of Representatives speaker Martin Romualdez with what the company referred to as “heavy luggage.”
The dispute involves 26 Capital’s proposed merger with the operator of the Okada Manila resort and casino. In July, Jason Ader, the founder of 26 Capital Acquisition Corp., claimed in court that Universal sought to sabotage the merger last year.
Emails submitted as part of the filing allegedly show that Universal’s executives flew from Japan to meet with Romualdez to enlist his assistance in exerting pressure on the nation’s Supreme Court to advance their interests.
The company’s lawyers have asserted that Universal’s actions potentially involve the bribery of governmental officials. At the time of reporting, both Universal’s defence attorney and Romualdez had refrained from commenting on the allegations
The SPAC invested US$275m in the 100-acre Okada Manila resort and casino, which carries a valuation of US$2.6bn. Universal holds an 88 per cent stake in the property. The conflict arose following the removal of billionaire Kazuo Okada, the founder of Universal, from its board and his subsequent “illegal occupation” of the resort.
