Beleaguered casino-hotel Okada Manila has changed its auditor due to the worsening battle in its board room.
AsiaBest Group (ABG), operator of Okada Manila, said it has dropped KPMG R.G. Manabat & Co. as its external auditor for financial year 2022.
ABG has tapped Reyes Tacandong & Co. to do its books.
ABG cited “the ongoing struggle in the company’s management” for switching auditors.
The company is currently mired in a bitter ownership battle between its founder, Japanese billionaire Kazuo Okada, and his estranged son, Tomohiro.
The conflict between the two has exacerbated Okada Manila’s troubles and left the company’s future uncertain.
It has been forced to postpone its annual stockholders meeting since last year due to its difficulty in submitting its audited financial statements required by the SEC.