Last year, Kazuo Okada was ousted as the chairman and director of the company he founded over allegations of fraud. He denied all wrongdoing, but last month was arrested by Hong Kong authorities, supposedly on fraud charges, and subsequently released. Now, the embattled businessman is asking that his operations be returned to him and has turned to the courts to try and make this happen.
Okada’s company, Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), founded the Okada Manila casinos resort. In a filing with the Parañaque City Regional Trial Court from August 29, he claims that his removal from TRLEI was unlawful and asks that the court give him back control of the company.
The complaint lists TRLEI, Tiger Resort Asia Limited (TRAL) and several directors of both TRLEI and TRAL. The TRLEI directors named in the complaint are Steven Wolstenholme, Manuel Lazaro, Antonio Cojuangco, Kenji Sugiyama, Reynaldo David and Yoshinao Negishi. The TRAL directors are Takako Okada and Kenshi Asano.
The 24-page filing argues that “Mr. Okada’s removal as a shareholder, Director, Chairman and CEO of TRLEI is null and void ab initio pursuant to Section 28 of the Corporation Code. It produces no legal effect whatsoever.” It further states, “Under Section 28 of the Corporation Code, only TRAL, which owns 99.9 percent of TRLEI, may remove Mr. Okada as a shareholder and director of TRLEI.”