Okada Manila has finally managed to separate itself from former founder Kazuo Okada, with the Supreme Court lifting the Status Quo Ante Order (SQAO) brought about by a lawsuit from the former head of the property.
The court noted that ‘Kazuo Okada’s action had prescribed or was filed beyond the period for filing an election contest’, also noting that he ‘was properly removed as shareholder, director, chairperson and CEO’ of the company which operates the resort, Tiger Resort, Leisure and Entertainment (TRLEI).
In addition, ‘Kazuo Okada is not the controlling stockholder of the ultimate parent company, Okada Holdings Limited’.
The group notes that ‘with this resolution, the litigation has been concluded and the SQAO of the Supreme Court has also been immediately lifted’.
The group notes that it will now ‘recommence the suspended negotiation with the Philippines financial institutions and proceed with the refinancing of its privately place notes outside Japan’.
The order lays to rest the drawn-out battle between the company and its former head, which included a hostile takeover of the property by Okada in May of 2022.
