Supreme Court settles Okada Manila ownership dispute: Kazuo Okada out as CEO

Adrian Ayalin, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Facade of Okada Manila. File photo" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/09/11/okada.jpg"/><figcaption>Facade of Okada Manila. <em>File photo</em></figcaption></figure></div><p>MANILA — The Supreme Court (SC) has lifted the status quo ante order that it issued last year in the case involving the ownership and control of Okada Manila, resulting in the removal of Kazuo Okada as chief executive officer of Tiger Resort, Leisure and Entertainment, Inc. (TRLEI) which operates the casino resort.<br/> <br/>In the resolution dated November 13, 2023, the SC 1st Division denied the petition for review on certiorari filed by Kazuo on the decision and resolution of the Court of Appeals (CA).<br/> <br/>The CA refused to reverse the decision of the Regional Trial Court of Parañaque City to treat the complaint of Kazuo as an election contest.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/09/22/ca-denies-kazuo-okadas-bid-to-stop-okada-manila-board-reinstatement">CA denies Okada&#x27;s bid to stop PAGCOR-backed reinstatement of Okada Manila board</a></li></ul><p>The Supreme Court noted that by insisting that his complaint was not an election contest, Kazuo advanced the theory that the same is similar to an action for reconveyance of shares of stock.</p><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=2208740" 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><p>In his complaint, Kazuo questioned his removal as shareholder, director, chairperson and CEO of TRLEI.<br/> <br/>“The court is not convinced. The fact that Kazuo was also questioning his removal as a shareholder of TRLEI does not change the character of the complaint as an election contest,” the court said.<br/> <br/>On April 27, 2022, the Supreme Court granted Kazuo’s prayer and issued a status quo ante order.<br/> <br/>Following the status quo ante order, the group of Kazuo initiated the takeover of Okada Manila on May 31, 2022.</p><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>	<li><a href="https://news.abs-cbn.com/business/10/03/22/kazuo-okada-3-others-indicted-over-okada-manila-takeover">Kazuo Okada, 3 others indicted for grave coercion over Okada Manila takeover</a></li></ul><p>On August 10, 2022, the court rejected the procedural arguments raised by TRLE and held that the status quo ante order was properly issued.<br/> <br/>But after careful consideration of records, the Supreme Court said it found no merit in Kazuo’s petition and found that the allegations and the reliefs sought in his complaint clearly showed that it was an action for election contest and was thus subject to the prescriptive period under the Interim Rules of Procedure for Intra-Corporate Controversies.<br/> <br/>The SC said Okada’s complaint on the election that caused his ouster was filed on August 29, 2018 or more than one year after the conduct of the June 16, 2017 special stockholders meeting.<br/> <br/>“The CA properly affirmed the RTC’s dismissal of the complaint on the ground of prescription,” the Supreme Court said.</p>

The SC has settled the dispute on the ownership of Okada Manila in a resolution dated Nov. 13, 2023.

Supreme Court settles Okada Manila ownership dispute: Kazuo Okada out as CEO | ABS-CBN

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Supreme Court settles Okada Manila ownership dispute: Kazuo Okada out as CEO

Supreme Court settles Okada Manila ownership dispute: Kazuo Okada out as CEO

Adrian Ayalin,

ABS-CBN News

Published Nov 29, 2023 05:03 PM PHT

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