Kazuo Okada’s team denies using violence to take over Okada Manila but Universal Entertainment Corp has accused PAGCOR of acting in favour of the ousted billionaire.
The Philippines.- Accusations continue to come from both sides in the saga of the Okada Manila takeover. Universal Entertainment Corp has accused the Philippine casino regulator PAGCOR of “biased participation” in the dispute between the company and a group led by Japanese billionaire Kazuo Okada.
Last week, PAGCOR said it had arranged for a team to investigate allegations of a possible violent takeover of Okada Manila by a group linked to Okada. However, Universal Entertainment said that PAGCOR sided with Kazuo Okada. It insists that the takeover was violent.
It noted that PAGOR had recognized Dindo A. Espeleta as the new representative of Tiger Resort Leisure Entertainment (TRLEI).
The company said: “PAGCOR is not authorised by law to adjudicate intra-corporate disputes.” It added that the regulator was “not permitted to exercise its regulatory powers by favouring a party in an intra-corporate dispute, a matter well within the jurisdiction of the Securities and Exchange Commission (SEC).”
Kazuo Okada’s team denies having used violent methods in Okada Manila takeover
Kazuo Okada’s team has released a statement denying that it used force to take control of Okada Manila, saying that the move was legal and in compliance with a Supreme Court ruling. The team argued that the takeover was peaceful and that the fact that it was done together with members of the Philippines National Police, four sheriffs, and witnessed by representatives of PAGCOR is proof.
Tiger Resort Leisure Entertainment claims that a group 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.