The process in which Japanese mogul Okada reassumed control of the casino appears in no way conventional, but is reportedly rather controversial.
In April 2022, The Philippines’ Supreme Court issued a “status quo ante” order (SQAO), recognising Okada as the sole legal representative of Tiger Resort Asia Limited (TRAL) in Tiger Resort Leisure & Entertainment (TRLEI).
The court order called for Okada’s immediate reinstatement as a shareholder, Director, Chairman and CEO of TRLEI.
Okada was initially ousted as Chairman of TRLEI in 2017 as part of a long-running legal battle, in which the then-Board accused Okada of misappropriating TRLEI funds.
He was also removed from the Board of Tiger Resorts’ parent company Universal Entertainment, which brought an additional three fraud allegations against him.
However, in January this year, Okada won a major legal battle in the Philippines’ Court of Appeals and was reinstated as the head of Okada Manila.
Okada announced a fresh Board of Directors and officers at TRLEI in May this year, and PAGCOR supposedly recognised these new senior staff members with its stamp of legitimacy.
TRLEI’s Board had appealed Okada’s victory before his reinstatement, but the final legal outcome of the process remains, or remained, ambiguous.
This is because media reports as of 31 May 2022 suggest that a group linked to Okada “illegally and violently” used brute force to retake Okada Manila.
The alleged forceful reacquirement comes just weeks after the Supreme Court of the Philippines issued its aforementioned “status quo ante,” ruling that Okada should be reinstated.
Herein lies the confusion, seemingly, in that both parties could have legitimate claims to TRLEI. Okada, who was lawfully reinstated, and the recently ousted management which was awaiting the process of appeal..
On the supposed storming of the Okada Manila, a Senior Partner Attorney at Divina Law, Estrella Elamparo, said: “We are appalled at the blatant disregard of authority by the group…. they arrived with a private security group who forcibly carried the legitimate members of the TRLEI Board out of the property premises.”
“We are appalled at the blatant disregard of authority by the group…. they arrived with a private security group who forcibly carried the legitimate members of the TRLEI Board out of the property premises” Estrella Elamparo, Senior Partner Attorney at Divina Law
The Star unsuitable to run Sydney casino, inquiry told
A public inquiry has been told that The Star Entertainment Group is not suitable to hold a licence for its Sydney casino, as reported by ABC.
The Australian operator is currently subject to an inquiry from the New South Wales gaming regulator, concerning claims it enabled suspected money laundering, organised crime, fraud and foreign interference at The Star Sydney.
And the team of barristers assisting the probe has now recommended that inquiry Chair Adam Bell, SC, find the operator unsuitable to hold a casino licence in Sydney.
In the latest developments, counsel assisting the inquiry Naomi Sharp, SC, noted unethical behaviour within The Star legal team, a VIP team that was not properly supervised, as well as very serious failures in risk management frameworks.
Sharp added that responsibility for such failures went all the way up to the board. Several executives have left the company in recent weeks, including Chief Executive Matt Bekier, CFO Harry Theodore and Chief Casino Officer Greg Hawkins.
Tabcorp announces boardroom and CEO changes
Following its demerger announcement made on 31 March 2022, Tabcorp has announced a series of major changes at boardroom and senior management levels.
Steven Gregg, the current Chairman and Non-Executive Director of Tabcorp, will today retire and assume the positions of Chairman and Non-Executive Director of The Lottery Corporation. Bruce Akhurst is in line to assume the role of Tabcorp Chairman.
Tabcorp’s Managing Director and CEO, David Attenborough, is also set to retire; this comes after the postponement of his planned retirement last year.
Adam Rytenskild, currently Managing Director of the Tabcorp Wagering & Media Department, is set to take over as the new Managing Director and CEO in Attenborough’s place, on an ongoing, no fixed-term contract.
Also retiring from the Tabcorp board are Harry Boon and Anne Brennan, both of whom will assume the positions of Non-Executive Directors at The Lottery Corporation.
Brett Chenoweth, Raelene Murphy and Karen Stocks are to be appointed as new Non-Executive Directors in their place, once all ministerial and regulatory conditions have been met and approved.
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