Japanese billionaire Kazuo Okada has demanded Okada Manila to release nearly P2 billion to a contractor as the rift with businessman Tonyboy Cojuangco takes a turn for the worse.
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A man named Maximo Modesto Noel Flores, who claimed to be an assistant corporate secretary of Okada, issued a certification on June 10 to tap Tiger Resort funds to settle a supposed P2 billion debt to Transasia Construction Development Corp.
Flores claimed the debt payment was authorized by Cojuangco to cover services rendered at a discounted rate.
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But the other set of Okada officers said it was all a ruse to milk money off of the company.
“Despite the banks freezing the local accounts of Okada Manila, the Kazuo Group has reportedly authorized the disbursement of billions of pesos to Transasia Construction Development Corp. (TCDC),” said the incumbent board which has been recognized by Tiger Resort’s head office.
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It was made to appear that Tiger Resort Leisure and Entertainment Inc. (TRLEI) incurred a large amount of indebtedness to TCDC, as one of its main contractors,” he added.
“However, after a thorough review and investigation of the records by TRLEI, it discovered that there were no outstanding accounts payable,” noting it was an overpayment now worth P9 billion.
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The incumbent board said it cut ties with TCDC after issues encountered with previous contracts, and was even set to file for arbitration to collect overpayments despite the supposed non-delivery of services and other obligations.
“TCDC is reportedly led by Dindo Espeleta himself, a former officer of TRLEI who was also involved in the seizure of the hotel premises on May 31. Thus, he is undoubtedly a stakeholder in these transactions–he has nothing to lose and everything to gain from Okada’s alleged ‘indebtedness,’” the latest board added.
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“Kazuo Okada and his cohorts have shown their true intentions in violently taking over the premises of Okada Manila — perverting the status quo ante order of the Supreme Court in the process — and that is to guzzle every centavo they can while the legitimate board fights them legally.”