Century plea vs Okada junked
The Makati Regional Trial Court has dismissed for “lack of merit” Century Properties Group’s lawsuit against the group of Japanese gaming magnate Kazuo Okada, which terminated their real estate partnership in entertainment complex called Manila Bay Resorts.
CPG had filed a petition for interim measures of protection against Okada’s local affiliates Eagle I Landholdings, Inc., Eagle II Holdco., Inc. and Brontia Ltd.
Okada-led Universal Entertainment Corp. announced Tuesday that the Makati court issued an order on May 13 dismissing CPG’s petition.
The Japanese-led group noted that it had negotiated with CPG in relation to the casino project in the Philippines but the conditions were not met.
As such, the Okada group sent a termination notice to CPG, which in turn objected to the termination and filed the petition in the Makati court.
To recall, CPG had sought an ex parte 20-day temporary order of protection against the Okada group, following the former’s filing of a supplemental notice of dispute.
CPG had argued that the basis for Okada’s notice of termination was “unfounded.”
The local property developer argued that the withdrawal of First Paramount Holdings 888—one of three parties to the agreement—should not have rendered the deal ineffective, noting that the provisions under the investment agreement “provided alternative measures to exhaust all reasonable means for the said agreement to come to a close.”
The deal would have made CPG 36-percent owner of Eagle 1, the holding firm that owns the 44-hectare estate within Pagcor Entertainment City where Okada’s gaming complex will rise.
The triumvirate collapsed after First Paramount, another privately held local firm, backed out of the deal to acquire 24 percent of Eagle 1.
