Universal Entertainment, the parent company of Tiger Resort, Leisure and Entertainment Inc (TRLEI), has decided to postpone the release of TRLEI’s Q2 financial results due to the ongoing dispute with Kazuo Okada concerning Okada Manila.
The ownership and control of the resort have been called into question following a recent court ruling, leading to a contentious battle between the parties involved. The financial results, originally scheduled for 9 August, have been delayed indefinitely as Kazuo Okada has refused to provide financial information to Universal Entertainment.
Background:
Kazuo Okada, the former chief executive of TRLEI, was removed from his position in 2017 based on allegations of fund misappropriation. However, this year, the Philippine Supreme Court issued a status quo ante order, effectively reinstating Okada. In response, Universal Entertainment filed a motion for the Court to reconsider, indicating its intention to reclaim the Okada Manila facility and restore normal operations if the status quo ante order is retracted. The ongoing legal battle has created a state of uncertainty regarding the control and management of Okada Manila.
Disputed Occupation and Legal Actions:
Following his reinstatement, Kazuo Okada, along with others, allegedly “entered and occupied” Okada Manila. TRLEI characterized this action as an “illegal occupation” and announced its intent to file charges against Okada and his associates. However, Okada vehemently denies these allegations, stating that his entry into Okada Manila was for the purpose of negotiation and that no slanderous or violent acts took place during the incident.
Delay in Q2 Financial Results:
Universal Entertainment’s decision to postpone the release of TRLEI’s Q2 financial results stems from Kazuo Okada’s refusal to provide the necessary financial information to the company. As a result, Universal Entertainment cannot proceed with the release until the required data is made available.
Implications and Ongoing Dispute:
The ongoing dispute over the control of Okada Manila and the legal actions taken by both parties have created an atmosphere of uncertainty and complexity for TRLEI. The delay in the financial results further adds to the challenges faced by the company. The resolution of the dispute will significantly impact the future operations and direction of Okada Manila.
Universal Entertainment’s postponement of TRLEI’s Q2 financial results highlights the ongoing dispute and legal battle surrounding Okada Manila. The refusal of Kazuo Okada to provide financial information adds to the complexity of the situation. The outcome of the legal proceedings and the resolution of the ownership dispute will determine the future course of action for Okada Manila and its stakeholders.