Okada Manila’s ‘fake board’, led by Kazuo Okada, has reportedly paid itself off with the cage money – and intimidated and exonerated employees.
Tiger Resort Asia Ltd. (TRAL) said it learned that Kazuo, Antonio Cojuangco and Dindo Espeleta fired key Okada Manila officials after questioning attempts to use the casino cage to fund the payment of board salaries.
The development came after the banks decided to freeze Okada Manila’s corporate accounts pending the resolution of the corporate dispute.
“As the majority shareholder of TRLEI (Tiger Resort Leisure and Entertainment Corporation), the operator of Okada Manila, we at TRAL are deeply concerned that the illegal actions of Kazuo Okada and his illegitimate officers will endanger not only the integrated casino resort itself but also the 5,000 employees of Okada Manila,” said Kenshi Asano, director of TRAL.
TRAL, which owns 99.9 percent of Okada Manila operator TRLEI, said it would not “financially support the illegitimate board that forcibly took over Okada Manila in May.”
TRAL asked the board, led by Kazuo Okada, to allow its representatives and officers to see the integrated casino resort’s corporate documents, following reports of unauthorized withdrawals of corporate funds, primarily from the casino cage.
TRAL sent the letter of demand through its legal counsel DivinaLaw to Okada Manila’s seven-member illegitimate board on Aug. 3.
The Hong Kong-based company has been informed that Okada Manila’s board of directors has suspended payments to Transasia Construction Development Corp. (TCDC), an Okada Manila contractor with ties to Espeleta.
The payments were made despite TRLEI having an existing overpayment claim against TCDC of 9.2 billion pesos.
Therefore, TRAL ordered to inspect and provide lists of payments and/or money transfers in excess of Pta 1 million made to one party; Payments to all contractors since their illegal and violent takeover in May 2022, as well as payments to companies associated with Kazuo, Cojuangco and Espeleta.