Universal detailed that the former director of the company, Kazuo Okada, and a group under his instruction “usurped the facility and operation” of the Tiger Resort-operated Okada Manila IR on 31 May 2022.
As Okada and his associates continue to occupy the Okada Manila, they have failed to provide Universal with adequate information, rendering them unable to disclose preliminary results according to the usual schedule.
Universal has committed to regaining control of the Okada Manila and returning it to normal operations through legal means.
On 27 April 2022, the Philippine Supreme Court Second Division issued an order to return Okada to his status before his removal as Tiger Resort CEO, shareholder and chairman. Subsequently, Universal filed a motion on 2 May for the Supreme Court to reconsider. This motion is currently under deliberation.
Universal confirmed that once it receives the results of the Supreme Court decision, it will move forward with “reclaiming the Okada Manila facility, guaranteeing the safety of its employees, and normalising its operation.”
Universal notes that 99% of Tiger Resort's voting rights belong to Tiger Resort Asia and that its directors are recognised under Hong Kong law.
Therefore, Universal believes Okada and his collaborators violated Hong Kong law, with alleged breaches including falsification of documents, fraud and embezzlement. The company intends to bring criminal charges against Okada.
Finally, Universal stated that it will release its Q2 2022 results as soon as they have been verified, with announcements on the Supreme Court decision and criminal proceedings to be made as soon as there is progress.
