Universal says Okada Manila bank accounts frozen

Three banks are said to have frozen Okada Manila’s accounts due to the ongoing intra-corporate dispute.

The Philippines.- In a further attempt to retake control of Okada Manila, Universal Entertainment Corp has reported that three Philippine banks have frozen accounts held by Okada Manila following the controversial return of Kazuo Okada.

The banks involved are BDO Unibank (BDO), Asia United Bank (AUB), and Union Bank of the Philippines. According to Universal Entertainment Corp, this raises questions about the financial stability of the casino resort.

Estrella Elamparo, the attorney representing Universal, said that Kazuo Okada’s team may choose to use the cage money or revenues generated from the casino and hotel to finance operations and wages. However, she warned that those funds could be expected to run dry soon.

Last week, Universal Entertainment accused the Philippine casino regulator PAGCOR of “biased participation” in the dispute between the company and a group led by Japanese billionaire Kazuo Okada, which it claims took control of the Okada venue by force on May 31.

PAGCOR had 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 had sided with Kazuo Okada.

Tiger Resort Asia Ltd (TRAL), which owns 99.9 per cent of the shares of Okada Manila Tiger Resort Leisure and Entertainment Inc (TRLEI), has warned that “any transaction supposedly made on behalf of TRLEI, our subsidiary, by any of these individuals or their agents and representatives, will not be honoured or recognized.”