Courts in Japan and the Philippines have rejected appeals from billionaire Kazuo Okada, who is seeking to regain control over his former gaming empire, according to media reports.
The Tokyo High Court issued a 12-page ruling on July 10 dismissing an appeal that sought to nullify a district court decision that upheld the validity of a trust agreement by Okada’s daughter Hiromi, in favour of her brother, Tomohiro. Under the accord, Hiromi signed her shares in Okada Holdings over to her brother.
The decision effectively halts Okada’s attempts to regain control over the company that owns Universal Entertainment and in turn Tiger Resort Leisure & Entertainment, the operator of Okada Manila.
With Hiromi’s 9 percent, Tomohiro has a combined 53 percent of the voting rights in Okada Holdings, which was used to oust the older Okada from both UEC and TRLEI last year.
The Tokyo High Court held that there was no legal basis to reverse the earlier decision of the district court against Hiromi.“For the reasons above, the original judgment is reasonable and this appeal is groundless. Accordingly, this court renders its judgment… to dismiss this appeal,” Manila Bulletin cited the High Court ruling as saying.
Meanwhile in a July 4th ruling, the Paranaque Regional Trial Court Branch 257 denied Okada’s plea to set aside warrants for his arrest over criminal charges of estafa for allegedly misappropriating funds from Tiger Resort.
Okada’s lawyers filed an Omnibus Motion after the Paranaque RTC denied in May a plea to quash the arrest warrant.
The Paranaque court ruled that the “accused were given due process” and the earlier Motion to Quash and Recall Warrant of Arrest was heard and that they were allowed to submit evidence to support their plea.
Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.
ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264