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Okada Manila operator blasts PAGCOR for siding with Kazuo group

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ABS-CBN News

MANILA — The operator of Okada Manila on Saturday hit the Philippine Amusement and Gaming Corporation (PAGCOR) for allegedly siding with the camp of billionaire Kazuo Okada in a board dispute. In a statement, Tiger Resorts Leisure and Entertainment Inc (TRLEI) and its parent companies Universal Entertainment Corporation (UEC) and Tiger Resort Asia Limited (TRAL) &quot;vehemently denounce&quot; the state regulator&#x27;s decision to &quot;take the side of.... Kazuo Okada.&quot; <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/06/01/22/violent-takeover-of-okada-manila-ensues-amid-board-dispute">&#x27;Violent takeover&#x27; of Okada Manila ensues amid board dispute</a></li></ul>Okada &#x27;s group allegedly took over the premises of Okada Manila &quot;violently&quot; this week amid an ongoing dispute involving the casino&#x27;s board.The Japanese billionaire has been <a href="https://news.abs-cbn.com/business/06/22/17/tiger-resort-sacks-kazuo-okada-as-board-chairman">removed</a> by the TRLEI as shareholder, director and chairman of the company in June 2017 over an allegedly anomalous $17.3-million loan.&quot;Supervening events confirmed PAGCOR’s favor to the group of Kazuo Okada... Its bias towards the Kazuo Group manifested heavily during the flagrantly violent takeover of Okada Manila by the Kazuo Group,&quot; said the group in a statement. &quot;PAGCOR’s President and Chief Operating Officer Mr. Alfredo Lim was quoted as saying that the takeover was peaceful and orderly — this despite the viral videos showing the complete opposite,&quot; it added.&quot;We urge PAGCOR to adopt a neutral stance in the intra-corporate dispute and be more mindful of its mandate as a GOCC.&quot; The board cited the following reasons why they think PAGCOR has become biased: - The Kazuo Group allegedly said that PAGCOR recognizes his own set of board of directors - PAGCOR agreed to the businessman&#x27;s request that denies the TRLEI management to &quot;transfer and/or assign assets and funds from the casino operations of TRLEI without approval of the Board of Directors&quot; established on May 2 this year. - PAGCOR also agreed to transact, negotiate, have agreements with TRLEI through a certain Mr. Dino Espeleta starting May 2 until said so. Espeleta is supposedly TRLEI’s representative to PAGCOR, based on the statement. But the operator maintained the state firm is &quot;not authorized by law to adjudicate intra-corporate disputes,&quot; questioning PAGCOR&#x27;s actions. PAGCOR should not have &quot;recognized&quot; the supposed board established by Okada &quot;without bothering to seek out and examine the material facts&quot; even if it was aware that there is an existing board of directors in the casino.&quot;The legitimate board of directors of TRLEI vehemently denounce the acts and omissions committed by PAGCOR in... knowing fully well that the legitimate board of directors is properly empowered by the majority shareholders of TRLEI, who own and control no less than 99.9 percent of the company’s outstanding capital stock,&quot; it added. PAGCOR has yet to issue a statement as of this story&#x27;s posting. These incidents stem from a Supreme Court ruling issuing a status quo ante order in April urging parties to observe status quo prevailing prior to the removal of Okada as stockholder, director, and chairman and CEO of TRLEI. But the operator said the order did not permit the Japanese billionaire to put his new board of directors or officers in the casino. &quot;The status quo in 2017 in no way includes the newly installed Board of Directors and officers. Plain and simple, the newly installed Board is not the status quo Board in 2017,&quot; said the group. <div>WATCH</div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2060535" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

'We urge PAGCOR to adopt a neutral stance in the intra-corporate dispute and be more mindful of its mandate as a GOCC,' it said.