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Banks Suspends Okada Manila Accounts From Transaction Amid Takeover

Okada Manila
Banks Suspends Okada Manila Accounts From Transaction Amid Takeover
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Banks Suspends Okada Manila Accounts From Transaction Handling following Kazuo’s violent takeover of the group.

Bank has suspended Okada Manila accounts from partaking in transactions following the violent takeover by Kazuo Okada. Okada Manila, the quintessential integrated resort in the Philippines, has been in a legal fight. Kazuo Okada, the resort’s initiator, and Tiger Resorts Asia LTD TRAL have been in a battle over the proprietorship of the location.


Since the fight continues, banks have suspended Okada Manila’s account from taking on transactions. One bank offered Kazuo to align a partnership with his rival and pay employees their wages.


Resort’s Bank Accounts Frozen By Banks

The report was made known by the legal counsel for the company board of trustees and TRIAL. A specialist reports that major banks such as BDO Unibank, Asia United Bank, and the Union Bank of the Philippines have suspended all accounts related to Okada Manila from undertaking any financial transaction.


One of the banks, BDO Unibank, reached out to the duo parties and instigated them to sign a partnership that would have assisted Okada Manila staff in receiving their wages. Although, Kazuo Okada and his opponent wanted to have it stated. The Okada group refused to sign any document that included director Hajime Tokuda’s signature.


A representative from one side of the faction, Estrella Elampro, accused Kazuo Okada and his group of imposing unnecessary conditions with no respect for the staff wages. Although, the revenue funds the casino currently has will not be sufficient to sustain Okada Manila in the long term.


Kazuo Okada Forcefully Took Over The Venue

The Kazuo Okada group violently took control of Okada Manila affairs last month in a bid to have full control of the company. It was recorded that the Kazuo Okada faction of the group forcibly entered the location and pursued certain company employees.


Reports show that Okada took revenge on Tiger Resorts Leisure and Entertainment Inc for discharging him from the company’s board of directors in 2017. It also states that the board accused Okada of undertaking financial fraud amounting to $3M


The Supreme Court of the Philippines released a statement based on the existing order of TRLEI, which forced the brand board to return to its state a couple of years ago. This report showcase that Kazuo Okada is coming back because the standing order states that Okada not only returned by violently taking over the whole affairs and venue of the company.


The representative accused the forceful takeover and said this was not right as it would come with a cost. Her report states that Okada Manila’s money will quickly go down the drain, affecting its guest negatively and the over 5,000 staff of the company as well.


“No bank will engage with a group under an ownership dispute; as soon as Okada Manila’s funds start to go down the drain, they’ll have issues dealing with the operations of the integrated casino resort brand.” —- Estrella Elamparo —- TRAL faction representative —-

Last week, the faction of TRAL released a public advisory warning against Kazuo Okada and his group.


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