Supreme Court Ruling Ends Kazuo Okada’s Tenure at Okada Manila

Kazuo Okada, the Japanese tycoon and former CEO of Okada Manila, has been officially removed from his roles at the casino resort following a Supreme Court (SC) ruling. The SC’s decision came after lifting the status quo ante order (SQAO) that temporarily reinstated Okada in his executive positions. The ruling determined that Okada’s complaint against Tiger Resort, Leisure and Entertainment Incorporated (TRLEI), a parent company of Okada Manila, was filed after the prescribed period, rendering it invalid. The court found no merit in Okada’s petition, categorizing it as an action for election contest subject to a prescriptive period. Okada, identified as a nominal shareholder in TRLEI, was initially removed in 2017 over allegations of financial misconduct and fraud. In 2022, Okada’s group took physical control of Okada Manila, leveraging the SQAO, but the recent SC ruling reaffirms his removal, stating he had no control over TRLEI and its subsidiaries. Universal Entertainment Corp. (UEC), another parent company, plans to resume talks with financial entities in the Philippines and refinance its privately issued notes outside Japan.