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Casino Tycoon Okada Arrested in the Philippines
Throughout the years, people have built empires out of their businesses. Kazuo Okada is one such man and he built Universal Entertainment Corp. from the ground up. But after he left the position as chairman he has been having a certain dispute for ages.
He and his men occupied a Manila casino that was owned by the corporation. That’s why he was charged with coercion since he’s no longer the chairman of the corporation. He was arrested in the Philippines on those charges but was released shortly after posting bail.
An Ongoing Dispute
After his release, the Philippines Supreme Court reinstated him as the chairman of the casino’s Philippine operator. Although he may have built the corporation from the ground up, he was ousted because of misusing funds. That happened in 2017 and since that year he and the corporation have been battling for control of Okada Manila resort.
Recently, Okada decided to take firm action by taking over the Manila resort by force. He sent his men to occupy the casino, but the entire episode ended unsuccessfully as his men were escorted out and he was arrested. Universal Entertainment Corp. was enthusiastic about his arrest which is why its shares grew by 14%.
But the dispute is far from over as he’s taken the chairman position of the resort again thanks to the Supreme Court in the Philippines. He stated that he’s willing to put in the effort to prove that he’s the rightful owner of the Manilla Casino resort. It’s clear that he is willing to do anything it takes to keep ownership of the resort. He sent his men to occupy the premises which is why he was arrested for coercion. And if he’s willing to do that, there’s no telling what else can happen.
Okada is the kind of man that has built something out of nothing. Universal Entertainment Corp. is his brainchild so it’s understandable why he’s not willing to say goodbye to it and its resorts. But he shouldn’t have misused his position as a chairman. If he had played it by the books then he would have been chairman to this day.
It’s unclear if Universal Entertainment Corp. is going to fight back, but it certainly won’t submit to Okada’s efforts to remain in control. This dispute has been going on for years and it won’t be resolved soon enough. Perhaps the chairmen and Okada will come to an understanding and work out a compromise beneficial to both parties.
Time will tell if the dispute will be resolved soon or in the years to come. But, it’s clear that both sides are showing no signs of backing down.
Tycoons have a hard time saying goodbye to their brainchildren and tend to skim off the top when they reach the top. That’s why Japanese tycoon Okada is having a hard time proving the Manila resort is his. Universal Entertainment Corp. will also continue putting its best foot forward in this dispute.