Asiabest Group said the recent takeover accord reached with shareholders of Tiger Resort & Entertainment was duly authorized by the company and by its Japanese parent Universal Entertainment.
ABG made the statement following a request for clarification about the transaction from the Philippine Stock Exchange.
Former Universal Chairman Kazuo Okada asked the exchange to force the company to make a full disclosure about the deal to all shareholders. He is questioning Tiger’s right to enter into the transaction, which would see the operator of the Okada Manila obtain a backdoor listing on the Philippine Stock Exchange.
Japanese billionaire Okada is fighting his removal from the board of the company and filed an intra-corporate suite against Tiger on August 29.
“ABG cannot submit a disclosure on the foregoing case that may appropriately apprise the investing public of the same without transgressing the rule on sub judice which restricts any person, including the PSE, to comment and disclose matters pertaining to the judicial proceedings in order to avoid prejudging the issue, influencing the court, or obstructing the administration of justice,” ABG said in response to the exchange.
“ABG can inform PSE, however, that the shareholders were presented with documents showing that the transaction was duly authorized by Tiger/TRAL (a Hong Kong limited company) and that the shareholders relied on the presumption of regularity of such documents. Furthermore, Universal Entertainment Corporation (UEC), the company which owns 100 percent of Tiger/ TRAL, also confirmed the regularity of the transaction by disclosing the same with JASDAQ.”
Okada has been involved in a series of lawsuits with the company he founded since he was ousted from the board on fraud charges in June last year. He denies the allegations, which he claims are a smear campaign.