Universal Entertainment to take legal action against Kazuo Okada in Hong Kong
The company claims Okada and his team have committed serious violations of Hong Kong law.
Hong Kong.- Universal Entertainment Corp has announced that it will file criminal charges against Kazuo Okada and his team in Hong Kong following their take over of Okada Manila.
It made the announcement in a statement explaining the reasons for the postponement of the disclosure of Q2 financial results, which had been scheduled for August 9. The company blamed Kazuo Okada and his team for refusing to provide information, leaving Universal Entertainment unable to disclose a preliminary report according to its normal schedule.
According to Universal Entertainment, Hong Kong-registered Tiger Resort Asia Limited (TRA) is the parent company that holds 99.9 per cent of the voting rights of Tiger Resort, Leisure and Entertainment (TRLEI).
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.
On July 11, Okada Manila reported an increase in business in June, with foot traffic rising 8 per cent from the previous month to around 74 per cent of its pre-pandemic level.
However, Universal Entertainment, which operated the property until May 31, accused Okada’s representatives of holding a “baseless and fraudulent” press conference and participating in “credit grabbing” by claiming responsibility for Okada Manila’s business performance.
