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Require Tiger Resort to disclose deals, PSE urged

/ 05:00 AM September 27, 2018

Japanese gambling mogul Kazuo Okada has asked the Philippine Stock Exchange (PSE) to require a publicly listed company to disclose its business transactions with the Hong Kong-based gaming company Tiger Resort Asia Ltd.

In a letter sent by his lawyers, Okada informed the PSE that Tiger Resort had recently entered into a purchase agreement with Asia-best Group International Inc. for the acquisition of the latter’s 200 million shares worth P646.5 million.

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He notified the PSE that he recently sued Tiger Resort and its local subsidiary, Tiger Resort Leisure and Entertainment Inc. (TRLEI), for kicking him out as director and shareholder in June 2017.

TRLEI, the operator of casino complex Okada Manila, had brought criminal cases against Okada and two of his associates for allegedly fleecing the company of some $10 million in corporate funds.

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“[Asiabest], as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly [since] there is a legal controversy on Tiger Asia’s authority to enter into such transaction,” Okada told the PSE.

He said making public the sale transaction, which had been set on Nov. 12, was necessary to protect the public’s interest while allowing him to safeguard his own business interests in Tiger Asia.

Okada’s letter was signed by lawyers Ramon Esguerra, Carlos Villaruz and Vivian Tan dela Cruz. —Marlon Ramos

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TAGS: Kazuo Okada, Philippine Stock Exchange, PSE, Tiger Resort
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