How has Universal Entertainment Corp responded to the seizure?

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Universal Entertainment Corp Responds to Okada Manila Seizure

Universal Entertainment Corp, the parent company of Okada Manila, has labelled the seizure of the casino as an "illegal occupation" and has stated it will not recognise any business transactions conducted by the newly installed board. The company has experienced a 10 per cent decline in its shares since the takeover occurred.
Legal Action Initiated by Ousted Board

The deposed board of Tiger Resort, Leisure & Entertainment, the operator of Okada Manila and a subsidiary of Universal Entertainment Corp, has initiated legal proceedings. They are suing Japanese tycoon Kazuo Okada and his associates, alleging coercion and other misconduct related to what they described as a "violent and illegal" takeover of the US$3.3 billion gambling resort on May 31. The lawsuit names Okada, Antonio Cojuangco, Dindo Espeleta, and the private security firm they engaged as defendants.
Allegations of Forceful Removal and Harm

Specific accusations within the lawsuit include the alleged forceful removal of Universal director Hajime Tokuda from the casino premises and his subsequent transport to an area near his residence, an act described by the ousted board as kidnapping. Further grievances cited encompass accusations of harm to other company officers, with charges ranging from "grave coercion" to "unjust vexation."
Okada Camp's Counter-Narrative and Regulatory Stance

Conversely, Vincent Lim, a spokesperson for Okada Manila's current management, has asserted that "no violent incident occurred" during the takeover. Officials from the Philippine Amusement and Gaming Corp (Pagcor), the nation's gaming regulator, were present during the event to observe. Pagcor has maintained a neutral position, emphasising that the matter is currently under judicial review.
Context of the Control Dispute

This seizure follows a Supreme Court 'status quo ante order' issued in April, which reinstated Kazuo Okada as CEO of the casino, having been ousted in 2017. This reinstatement came after the Court of Appeals dismissed an embezzlement charge against Okada and an associate in January. The previous board of Tiger Resorts appealed the Supreme Court's decision in April, seeking clarification on whether the order authorised the physical seizure of the property or the formation of a new board.

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How has Universal Entertainment Corp responded to the seizure?

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