Okada calls for investigation into Asiabest Group

Kazuo Okada has urged the Philippine Stock Exchange to “thoroughly” investigate the proposed takeover by Tiger Resort Asia.

Philippines.- Gaming tycoon Kazuo Okada continues to protest against the proposed acquisition of Philippine-listed Asiabest Group International Inc by Hong Kong-based Tiger Resort Asia Ltd. The Japanese businessman, who owns a 34.41% stake in Tiger Resort, has recently asked the Philippine Stock Exchange (PSE) to conduct a “thorough” investigation into the proposal as he claims that there were misleading disclosures about the deal.

“Considering that the very validity of the transaction between Tiger Asia and Asiabest Group may be questioned, if not annulled, the pending case should have been disclosed especially in Asiabest Group’s ‘Comprehensive corporate disclosure on backdoor listing,’ and ‘Change in control issuer disclosure,’ both dated 20 September 2018,” Mr Okada’s lawyers wrote in a statement issued last Thursday.

In a letter sent on September 13, the Japanese businessman had already urged the PSE to order Asiabest to disclose the full details of any transaction. He continues to challenge the deal as he assures he was not consulted about the agreement for Tiger Resort Asia to buy two-thirds of Asiabest.

“ABG, as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly that there is a legal controversy on Tiger Asia’s authority to enter into such transaction,” Mr Okada had claimed in one of his earlier letters.