Okada asks court to nullify his ouster from gaming firm
A Japanese businessman has asked a Parañaque court to nullify his removal as head of Tiger Resorts Leisure and Entertainment Inc. (TRLEI), the operator of Okada Manila.
In a 24-page intra-corporate suit filed against TRLEI, Tiger Resorts Asia Ltd. (TRAL) and their respective directors and officers, Kazuo Okada also asked that he be reinstated as shareholder and chief executive officer of the company.
He said his removal as director of Okada Holdings Ltd. in May 2017 was due to fraudulent schemes.
Okada Holdings Ltd. is the holding company for all shares in Universal Entertainment Corporation (UEC) owned by the members of Okada’s family. It was founded in 2010 and controls 68 percent of UEC, which, through TRAL, owns TRLEI.
Okada’s removal as director of Okada Holdings Ltd. resulted in his removal as wll from TRLEI in June 2017.
“Considering that defendants continuously and unjustly disregard Mr. Okada’s clear legal right as a shareholder, Director, Chairman and CEO of TRLEI, Mr. Okada brings this action to prevent further violation of his rights and to seek declaration of nullity of his removal as a shareholder, Director, Chairman and CEO of TRLEI,” read the complaint.
READ: Okada vows to take back company unlawfully taken from him
Under Section 28 of the Corporation Code, the removal of a director must be dome through a vote of stockholders holding at least two-thirds of the outstanding capital stock, and it must take place at a meeting of the corporation after previous notice to stockholders of the intention to propose such removal.
In this case, however, two of the shareholders allegedly acted on behalf of TRAL to remove Okada.
“The said action is void [because they] never had any authority to act as TRAL’s directors and consequently to remove Mr. Okada as a shareholder and Director of TRLEI,” the complaint stated.
“These past months have been very harrowing and painful as I witnessed our family being attacked by lies and torn to pieces. My son and daughter were used against me by people whose motives were purely dictated by their desire to rob me of the fruits of my labor. These people, without any pang of guilt, ostentatiously enjoy what does not belong to them,” Okada said in a statement.
Okada said he has received information that the usurpers are planning to conduct a public offering of his company.
Okada insisted that he was not consulted on the matter and he will allow the shares of Okada Manila or his other companies be sold to the public.
“Let the public be forewarned about this,” Okada said. /ee
