Courts in Japan and the Philippines have rejected legal appeals from billionaire Kazuo Okada, who is seeking to regain control over his former gaming empire.
The Tokyo High Court issued a twelve-page ruling on July 10 dismissing an appeal that sought to nullify a district court decision upholding the validity of a trust agreement by Okada’s daughter Hiromi in favor 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%, Tomohiro has a combined 53% of the voting rights in Okada Holdings, which was used to oust the elder Okada.
The Tokyo High Court held that there was no legal basis to reverse the earlier decision of the district court against Hiromi.
Meanwhile in a July 4 ruling, the Parañaque Regional Trial Court Branch 257 denied Okada’s plea to set aside warrants for his arrest over criminal charges of fraud for allegedly misappropriating funds from Tiger Resort. (AGB)