Japanese billionaire Kazuo Okada has asked the Philippine Stock Exchange to block a planned backdoor listing of Tiger Resort Asia, which owns and operates the $2.4 billion Okada Manila.
Tiger Resort, which is a unit of Japan’s Universal Entertainment, in September announced plans for a listing through the acquisition of 200 million shares in Manila-traded Asiabest Group (ABG).
The move was immediately opposed by Okada, who is involved in a bitter legal spat with Universal after being ousted as chairman of the board in 2017. Universal has accused Okada of misappropriating $20 million. The tycoon has denied the charges and accused Universal’s directors of seeking to seize control of the company.
Local media reported that Okada’s lawyers, Salvador Paolo Panelo Jr. and Kathleen Mativo, sent an an urgent letter to the PSE dated Jan. 11. They argued that there is a serious issue as to whether Tiger directors are legitimate and able to act on behalf of the companies.
A court in the Philippines earlier this month ordered the arrest of Okada.