Century Properties Group initiates arbitration VS Okada Group

Century Properties Group Incorporated announced Thursday that it has filed a notice of arbitration against Okada Group over a failed partnership for a $2-billion integrated resort and casino project in Entertainment City.

In a disclosure to the Philippine Stock Exchange, CPGI said that it filed a notice of arbitration dated April 17, 2015 before the Hong Kong International Arbitration.

CPGI also mentioned that it was notified by its legal counsel on Tuesday that the Okada group’s bid to terminate their partnership has gained approval from the Court of Appeals, setting aside the Makati trial court ruling.

“CPGI’s counsels are now studying the legal options the company will take anent to this order,” CPGI said.