PAGCor Announces Order To Stop Acquisition Of Okada Manila
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Philippine casino regulators reportedly ordered representatives of disputed Tiger Resorts Leisure Entertainment Inc to immediately halt their ongoing acquisition of the 993-room Okada Manila property.
According to a report on Sunday by The Manila Times, Philippine Entertainment Games Corporation (PAGCor) watchdogs have ordered suspensions of agents who have taken control of Entertainment City since May 31. The group reportedly appropriated the development on behalf of Mr. Kazuo Okada, a 79-year-old Japanese billionaire businessman, after the Philippines Supreme Court ruled that he had once again granted him the right to operate Tiger Resort Leisure Entertainment Inc.
Background blur:
Okada was reportedly expelled from the board of directors of Manila-based Tiger Resort Leisure and Entertainment Inc. in 2017 for allegedly misappropriating about $3 million. However, the Philippine Supreme Court reportedly ruled in favor of an Osaka-based businessman in May and ordered him to restructure his executive team before the layoffs, which also included Filipino businessmen Antonio "Tony Boy" Cojuanco and Dindo Espeleta.
Jurisdiction:
In issuing the order on Friday, PAGCor reportedly followed a local Sept. 1 Justice Ministry opinion that confirmed the authority to act on an earlier appeal filed by Tiger Resorts Asia Limited, which owns 99.9% of Tiger Resorts' leisure entertainment shares. Japan's Pachinko and arcade game maker Universal Entertainment are the ultimate parent companies of the two companies and were outraged by the "unlawful and violent" acquisition of the Okada Manila venue and "cruel force and intimidation to forcefully evict the building" by "core legitimate officers" allegedly involved in the temporary "kidnapping" of director Hajime Tokuda.
Desired documentation:
Alejandro Tengco, the newly appointed chairman and chief executive of PAGCor, reportedly explained that regulators would not recognize Espeletta as an authorized representative of Tiger Resort Leisure Entertainment Inc unless they could provide evidence to overturn the Justice Department's opinion. The watchdog reportedly declared that conflict agents should further halt operations in Okada Manila and refrain from spending funds "unless they can present valid authority" under the "Jiwi Kue Ante order" issued by the Philippine Supreme Court.
BY: 파친코