Kazuo Okada Group Denies $36.4M Payment to Newly Installed Okada Manila Chairman

Another day, another disceptation stemming from Kazuo Okada’s May 31 forcible takeover of his namesake structured resort, Okada Manila inward the Philippines.

Reports surfaced this calendar week that the Kazuo-led chemical group that took verify of the $2.4 one million million casino late lastly month has since made an wildcat PHP2 1000000000000 (US$36.4 million) payment to a troupe owned past the group’s chairman, Dindo Espelata.

Espelata is a close friend and business organisation partner of Okada. Espelata controls the expression solid Trans Asia Construction Development Corp.

Tiger Resort, Leisure and Entertainment Inc. (TRLEI) is the owner-operator of Okada Manila. It is also the corporation that the Kazuo-led chemical group fictive hold in of lastly month past forcing its former executives out of their incorporated positions. The current TRLEI unfaltering is controlled past Kazuo, who has since installed Espelata as its chairman.

The former TRLEI governance was controlled past Okada’s own son, Takako Okada, who no more thirster speaks with his male parent after he accused his family’s paterfamilias of stealing money from TRLEI and Universal Entertainment in 2017. That led to Kazuo’s ousting that year, and one observer says the Trans Asia payment highlights the straight intentions of Kazuo’s unwarranted actions.

“It paints a open show that the illicitly constituted board’s dead on target priority isn’t the success of the business, nor the welfare of its employees,” said attorney Estrella Elamparo inwards a resign on behalf of the “legitimate TRLEI board.”

Kazuo Denies Payment

In the wake of the reports that the Kazuo-controlled TRLEI board made a surmise PHP2 1000000000000 defrayal to a society controlled by its chairman, Philippines banks began freezing Okada Manila’s accounts “due to the ongoing intra-corporate difference of opinion in the manipulator of Okada Manila.”

BDO Unibank, Asia United Bank, and North Bank of the Philippines, all of which function Okada Manila’s financial dealings, experience confirmed that the casino’s assets hold been frozen.

Elamparo says the PHP2 billion payment is “beyond absurd,” considering that Espelata’s Trans Asia building strong in reality owes Okada Manila PHP9 1000000000000 in “overpayments, contra charges, and financial losses.”

Kazuo Group Denies Payment

The Kazuo-led TRLEI says the reports of payment to Espelata’s grammatical construction unwaveringly are incorrect and “fake news.”

Okada Manila strongly condemns the continued attempts to discredit and malign the report of its electric current and logical board with the false allegations and imitation intelligence made by its competitor radical through their lawyer,” a financial statement from the Kazuo-controlled TRLEI said. “Okada Manila believes that the fillet of sole aim of these allegations is to disrupt Okada Manila’s operations.”

TRLEI went on to say that in that respect “is no more proof” that such a dealing was made. As for the PHP9 one million million inward claimed overpayments to Trans Asia, the house contends that “if thither was really an overpayment, Atty. Elamparo should attribute the shift or neglectfulness to the previous board, which she at present represents.”

The Kazuo chemical group explained that if overpayments were indeed made, a forthcoming intragroup audit investigating will palm a resolution. The chemical group concluded by locution the stream TRLEI governance “is hither to safeguard the involvement of Okada Manila, its employees, and its investors.”

TRLEI added that it’s mulling legal refuge to the payment allegations raised past the former TRLEI board.