Okada contests Tiger Resort backdoor listing

MANILA, Philippines — Embattled Japanese casino mogul Kazuo Okada  has asked the Philippine Stock Exchange to thoroughly investigate Asiabest Group International Inc. for its alleged misleading disclosures in connection with its share purchase agreement with Tiger Resort Asia Ltd.

Tiger, a company formerly chaired by Okada until he was booted out, is acquiring 200 million shares in AG amounting to P646.5 million via a special block sale scheduled on Nov. 12.

However, in a Sept. 21 letter to the PSE, Okada claimed that ABG’s supposed comprehensive corporate disclosures failed to bring up the tycoon’s pending intra-corporate lawsuit against Tiger Asia as part of his efforts to regain his interest in the company.

“Listed firms, like ABG, are mandated to fully disclose the details surrounding share purchase transactions,” Okada said through his lawyers Ramon Esguerra, Carlos Villaruz and Vivian Tan-Dela Cruz.

Okada said the inclusion of his complaint in the disclosure would have an effect on the market value of ABG’s securities. 

 Pending cases should be included in the stock exchange’s disclosures to warn the public about the possibility the agreement could be nullified.

On Aug. 29, 2018, Okada filed at the Parañaque Regional Trial Court an intra-corporate lawsuit against Tiger Asia, owner of Tiger Resort and their respective directors and officers.

In his lawsuit, Okada asked the court to nullify his illegal removal in June 2017 as a shareholder and director of TRLEI and immediately reinstate him to his old post.

In his letter to the PSE, Okada also questioned the authority of Tiger Asia to enter into a share sale agreement with Asiabest.

“PSE is primarily responsible for conducting investigations involving suspected violations of the securities law and its rules,” Okada said.

Okada was dethroned last year as chairman of Universal Entertainment Corp., the parent firm of Tiger as he was removed as a director of Okada Holdings Ltd. when his children and wife turned against him.

He allegedly defrauded the company through illegitimate loans and transactions.