Universal Entertainment founder Kazuo Okada called on the Philippine Stock Exchange to conduct a thorough investigation of the takeover transaction that Tiger Resort Asia Ltd (whose shares Universal holds) offered to Asiabest Group International, Inc. (ABG).
"AGB, as a company officially registered on the exchange, is obliged to disclose all information about the forthcoming purchase and sale transaction, especially taking into account the legal differences in the issue of Tiger Asia's authority to conclude such a transaction" - the lawyers of the magnate said.
Okada called for a detailed analysis of the upcoming deal, during which Tiger Asia will acquire shares worth a total of 646.5 million Philippine pesos. According to Okada, who owns 34.41% of Tiger Asia, the main nuance is that in his company he was not consulted with him and did not even report on the planned deal.
Not so long ago, Okada restored a controlling stake in Okada Holdings, which owns 68% of Universal Entertainment Corp. Universal owns 99.99% of Tiger Asia shares.
Okada was kicked out of the board three years ago in connection with accusations of misuse and misappropriation of financial resources of the company. Then his children - the son of Tomohiro and the daughter of Hiromo - joined their stakes in order to get a controlling stake in Okada Holdings. Later, Hiromo took the side of his father and gave him a power of attorney for his 9.78%, due to which his share increased to 56.16%. In August, in connection with all the same reports of fraud, Okada was arrested, but released on bail.