The deposed board of Tiger Resort Leisure and Entertainment Inc. (TRLEI), operator of integrated gaming resort Okada Manila, has asked the Securities and Exchange Commission (SEC) to dismiss any requests by the Kazuo Okada-led camp to update the company’s general information sheet (GIS) reflecting the “invalid” election of the “sham board.”
The TRLEI board—recognized by parent firms Tiger Resorts Asia Ltd. (TRAL) and Universal Entertainment Corp.—sent a letter to the SEC informing the regulator about an “attempt from the illegitimate board to file a GIS electronically.”
“In connection therewith, we likewise formally oppose the electronic filing of the GIS of this unauthorized board,” its legal counsel Ocampo & Manalo Law Firm said in the letter.
The TRAL-backed board noted that Okada “irregularly elected” the board in a meeting last month, installing himself, along with Antonio “Tonyboy” Cojuangco and Dindo Espeleta, Manuel Lazaro, Yoshinao Negeshi, Takahiro Usui, Kengo Takeda, Steven Wolstenholme, Tetsuya Yokota, Hiroshi Kawamura, Maximo Modesto Joel Flores.
“No notices of meeting were sent to TRLEI’s stockholders by the Corporate Secretary as provided in the by-laws; and it was held without the participation of the majority shareholders holding 99.9-percent ownership of the shares, specifically, TRAL,” the deposed board said.
This issue stemmed from the “hostile takeover” by Kazuo’s camp led by Cojuangco on May 31.
The Cojuangco-led party, however, strongly denied any misdeeds and claimed that the status quo ante order issued by the Supreme Court had allowed them to regain control.
The Kazuo Okada-led board also said it was “business as usual” and “things are better than ever before” at Okada Manila.
The new management said that the restaurants have been operating at full capacity with the reopening of the economy. It is also expecting more players at the casino amid the easing of mobility restrictions. INQ