In 2017, Kazuo Okada was removed from his positions as CEO, director, chair, and stockholder of TRLEI. This was due to allegations of “misappropriation” of funds.
However, in April 2022, the Philippine Supreme Court issued a status quo ante order, reinstating Kazuo Okada to his previous roles.
Following the court’s decision, Universal Entertainment and TRLEI accused Kazuo Okada and others of forcibly entering and occupying the resort. They claimed that Dindo Espeleta, accompanied by 50 police officers and security guards, was involved.
This led TRLEI to announce its intention to make criminal allegations against Okada, which he vehemently denied. The leadership dispute also caused delays in TRLEI’s listing on the NASDAQ stock exchange, as well as Universal Entertainment’s Q2 results.
The stand-off finally ended when the Philippine Amusement and Gaming Corporation (PAGCOR) withdrew its recognition of the board appointed by Kazuo Okada on September 2. Universal Entertainment staff, assisted by the Philippines National Police, took control of Okada Manila.
According to reports, Kazuo Okada’s security forces barricaded themselves in the casino’s basement car park once they realized the extent of Universal Entertainment’s actions. Despite a minor scuffle, the transition was generally peaceful.
The board appointed by Kazuo Okada, led by Antonio “Tonyboy” Cojuangco, was ousted from the building. Universal Entertainment stated that they believe Okada’s group destroyed contracts and other documents, wrongfully seized assets, and falsified digital data. They are currently investigating the matter and its potential impact on their financial statements.
The status quo ante order issued by the Philippine Supreme Court remains in effect, while the case is being investigated by the Court of Appeals. Kazuo Okada continues to serve as a director at TRLEI.
