Bilyonaryo - Business

Andrea’s bias showing: Universal Entertainment slams Pagcor for blatantly siding with Kazuo-Tonyboy group in Okada boardroom brawl

Japanese gaming giant Universal Entertainment has slammed Philippine Amusement and Gaming Corp. (Pagcor) led by Andrea Domingo for backing the “violent and illegal” takeover of Okada Manila on May 31.
WATCH| Pagcor bulag-bulagan? Tiger Resort video shows Kazuo-Tonyboy bodyguards manhandling Okada Manila’s Japanese exec
In a statement, Universal, the parent of Okada Manila operator Tiger Resort Leisure and Entertainment, claimed that Pagcor not only recognized the “sham board” but also enabled the group of Japanese billionaire Kazuo Okada and bilyonaryo Tonyboy to usurp control of Okada Manila.
Universal cited Pagcor’s decision on May 24 to accede to Kazuo’s request to block transfer of funds from the casino without the Kazo-led board’s approval; and to transact or negotiate contracts with Okada Manila only through Kazuo’s representative, Dindo A. Espeleta.
Preserving status quo daw! Kazuo Okada twists SC order by installing 3 new faces on Tiger Resort board through thuggish takeover
Universal said Pagcor met with the Kazuo-Tonyboy group on May 22 where it accepted Espeleta as Okada Manila’s representative to the gaming regulator.
Universal said Pagcor betrayed its patent bias for the Kazuo-Tonyboy group during the forcible ouster of the Tiger Resort group from Okada Manila’s board.
Pagcor backs Kazuo’s return to power in Okada Manila: We monitored takeover, ousted chairman not bodily hurt
“Pagcor’s president and chief operating officer Alfredo Lim was quoted as saying that the takeover was peaceful and orderly — this despite the viral videos showing the complete opposite,” said Universal.
As a government-owned or -controlled corporation (GOCC), Universal said Pagcor has no business dipping its hands into intra-corporate disputes.
After ‘violent ‘ takeover: Tonyboy Cojuangco assures gamblers: It’s business as usual in Okada Manila
“Pagcor is not permitted to exercise its regulatory powers by favoring a party in an intra-corporate dispute, a matter well within the jurisdiction of the Securities and Exchange Commission…It is a blatant disregard of the parties’ legal rights that Pagcor has shed its neutrality in this intra-corporate dispute by openly recognizing the sham board without any legal and factual basis,” said Universal.
Universal said Pagcor officials’ could be liable for graft and corruption for its “manifest bias” to the Kazuo-Tonyboy group.
Brute force, intimidation: Tonyboy Cojuangco and 50 goons storm Manila casino to reinstate Kazuo Okada, ‘kidnap’ Asiabest chairman Tokuda
The Kazuo-Tonyboy group has cited the Supreme Court’s status quo ante order (SQAO) as its basis to reinstall Kazuo as chairman of Okada Manila.
But Universal claimed the Kazuo-Tonyboy group perverted the Sc order by electing individuals as directors of Okada Manila even though they were not part of the board before Kazuo’s ouster in 2017.
“Pagcor is well aware of these facts and yet it has acted with obvious bias in favor of the Kazuo Group. We urge Pagcor to adopt a neutral stance in the intra-corporate dispute and be more mindful of its mandate as a GOCC,” Universal said.