Okada fallout: PSE threatens to suspend Asiabest Group for failing to file quarterly report

Asiabest Group (ABG), the ousted owner of Okada Manila casino resort, is at risk of getting suspended by the Philippine Stock Exchange next week.

The PSE flagged ABG for failing to file its second quarter 2022 report before the extended deadline of August 22.

READ RELATED STORY HERE: Asiabest defers annual meeting amid messy ownership squabble over Okada Manila

“Should ABG fail to comply with the Exchange’s structured reportorial requirements before September 2, 2022, a trading suspension will be imposed on its shares starting on September 2, 2022,” the PSE said

ABG explained that it has yet to “secure the information necessary for the preparation of the financial statements.”

Asiabest is 67 percent owned by Tiger Resorts Asia Ltd. whose representatives were ejected from Okada Manila by the group led by Japanese billionaire Kazuo Okada and his partner, Tonyboy Cojuangco, last May.

Tiger Resorts has filed a case against Kazuo’s for the hostile takeover and abuse of the Supreme Court status quo ante order which it claimed did not give the right to Kazuo to seize control of the casino hotel.

ABG has crashed to an all-time low of P3.27 since the messy boardroom squabble.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.