Norman Golez and Diosdado Trillana, lawyers for the camp of businessmen Kazuo Okada and Antonio Cojuangco, brief the press Monday (July 11) morning about the controversial takeover of the Okada Manila casino resort last May 31. DAXIM LUCAS
MANILA, Philippines—Businessman Antonio “Tonyboy” Cojuangco —who played a key role in ousting Kazuo Okada from the board of Okada Manila in 2017—eventually “saw the light” and switched allegiances to help the controversial Japanese gaming tycoon regain control of the property.
Thus said the lawyers of the casino resort, who briefed the media on Monday (July 11), six weeks after the Okada-Cojuangco tandem seized control of Okada Manila, even as they disputed accounts that the takeover was executed in a violent and forceful manner as alleged by the ejected directors.
“In 2017, Mr. Okada was removed. There were just too many lies,” said lawyer Norman Golez who represents the Okada-Cojuangco camp. “Understandably, Mr. Cojuangco at that time did not side with Mr. Okada.”
Okada was removed as chair of the casino resort he founded in 2017 by its board of directors, being accused of embezzling $3.1 million of the company’s funds for his consultancy fees and salary.
The case was later dismissed by the Court of Appeals. Okada, meanwhile, also filed counter charges against Cojuangco and other Okada Manila directors.
But Golez said Cojuangco has since changed his mind, thus helping the gaming tycoon retake control of the property last May 31.
“Slowly but surely, after due proceedings—because there are several cases pending in various courts [around] the world, not just here in the Philippines—we believe that after meetings with Mr. Okada, he finally saw the light,” he said.
Golez also countered statements made by the recently ousted directors that Okada only holds one share in the company and, as such, is not entitled to take a controlling stake in it.
“They always say that he only has one share,” he said. “That’s not true. That’s very misleading.”
Golez explained that Okada, while only holding one nominal share in his name, was appointed as sole representative of Tiger Resorts Asia Limited which, in turn, owns 99.9 percent of shareholdings of Tiger Resorts Leisure Entertainment Inc. (TRLEI) — the firm that directly owns the casino hotel.
The lawyer explained that there are ongoing cases in Japan where Okada is engaged in a fight with his son for control of the business empire that includes the disputed property in Pagcor Entertainment City.
“Ultimately, there are pending cases that have yet to determine who the true legal and beneficial owner is of practically supermajority of the shares in Okada Manila or TRLEI,” he said.
“Ultimately, after [weighing] all of this, Mr. Cojuangco was convinced,” Golez said, explaining the businessman’s turnaround.
He added that the new management had to first focus on protecting the welfare of the casino resort’s more than 5,000 employees as well as ensuring the viability of the business, hence the six week delay in briefing the public on the issue.
“But now is an opportune time to speak up,” he said, explaining that they were ware of the public believing in “lies” being spread repeatedly by the other camp.
TSB