Gaming tycoon Kazuo Okada has vowed to fight for his interests in Okada Manila — the multibillion-dollar Philippine casino that bears his name — after his arrest in Manila this week opened a new chapter in the drawn-out dispute over the company, Nikkei Asia reports.
The dispute has delayed indefinitely Okada Manila’s plans to list on Nasdaq by merging with 26 Capital Acquisition in a deal that would value the casino at $2.5 billion. The listing had planned to capitalize on the revival of the tourism industry, but the dispute has turned off some U.S. investors, Jason Ader, head of 26 Capital, earlier told Nikkei Asia.
Okada is facing charges of “grave coercion” in relation to the physical takeover of the Okada Manila integrated resort and casino by his associates in May. The tycoon was arrested by Philippine police on Monday upon his arrival at the Manila airport from Japan and was later released after posting bail.
“I will not bow down to intimidation, and I will not back off from this legal battle. This fight isn’t over,” Okada said in a statement.
The tycoon said he had insisted on coming to Manila despite warnings of a possible arrest.
“I want to show to the Filipino people and the world that I am not afraid. I came back to face this ‘grave coercion’ charge against me and my associates. I have nothing to fear when I know I am standing on the right side of the law,” he said.
The criminal case stems from a dispute over the casino’s management.
Okada was removed from the board of Tiger Resort, Leisure and Entertainment — the company behind Okada Manila — in 2017 amid allegations of fraud. In April, the Philippine Supreme Court issued a “status quo ante order” reinstating him as shareholder, director, CEO and chairman of the casino.
Okada’s associates took over the casino premises in May, ousted the board and took control of casino management. Last month, the Philippine Amusement and Gaming Corp., the industry regulator, reinstated the ousted board, which is backed by Tiger Resort Asia, the casino’s Hong Kong-based parent. Read more.
