26 Capital has accused Universal Entertainment of attempting to influence a Filipino legislator to regain control of Okada Manila.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- 26 Capital Acquisition Corp.<\/strong> has accused Universal Entertainment<\/strong> of attempting to sway a Filipino legislator in relation to its legal dispute over Okada Manila<\/strong>.\u00a0The claims were filed in Delaware Chancery Court.<\/p>\n\n\n\n According to Bloomberg, 26 Capital claims that Universal Entertainment’s executives arrived at a meeting with Philippine House of Representatives speaker Martin Romualdez <\/strong>with what the company referred to as “heavy luggage.”\u00a0<\/p>\n\n\n\n The dispute involves 26 Capital’s proposed merger<\/a>\u00a0with the operator of the Okada Manila resort and casino. In July,\u00a0Jason Ader<\/strong>, the founder of 26 Capital Acquisition Corp., claimed in court that\u00a0Universal sought to sabotage the merger<\/a>\u00a0last year.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n 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<\/p>\n\n\n\n The SPAC invested\u00a0US$275m in the 100-acre Okada Manila resort and casino<\/strong>, 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 \u201cillegal occupation\u201d of the resort.<\/p>\n","protected":false},"excerpt":{"rendered":" 26 Capital has accused Universal Entertainment of attempting to influence a Filipino legislator to regain control of Okada Manila.<\/p>\n","protected":false},"author":176,"featured_media":777007112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"26 Capital has accused Universal Entertainment of attempting to influence a Filipino legislator, Martin Romualdez, in a legal dispute over the control of Okada Manila. These allegations, filed in Delaware Chancery Court, suggest Universal sought to pressure the Philippine Supreme Court to advance its interests regarding the US$2.6bn integrated resort, where 26 Capital has invested US$275m.","focusai_entities":"26 Capital Acquisition Corp., Universal Entertainment, Okada Manila, Martin Romualdez, Jason Ader, Kazuo Okada, Philippine House of Representatives, Supreme Court, Bloomberg","focusai_location":"Philippines, Delaware, Japan","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.98), operator_casino (0.9), investor_analyst (0.97), supplier_vendor (0.75), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Governance & Compliance Impact?","query":"Beyond the immediate legal proceedings, what are the long-term implications for Universal Entertainment's corporate governance framework and its global regulatory compliance standing should these allegations of political influence be proven?"},{"label":"M&A Risk & Valuation?","query":"How do these allegations of merger sabotage and political interference impact the perceived transaction risk and the fair market valuation of Okada Manila, particularly for 26 Capital's investment thesis?"}],"footnotes":""},"categories":[157,16333],"tags":[8986,23749],"class_list":["post-777007813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-okada-manila","tag-universal-entertainment-corporation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777007813"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007813\/revisions"}],"predecessor-version":[{"id":777007816,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007813\/revisions\/777007816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777007112"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777007813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777007813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777007813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}