One of the Philippines Integrated Resorts, Okada Manila, had its bank accounts frozen in the middle of the ongoing battle for control.
Late Sunday (19 June), BDO Unibank, Asia United Bank, and Union Bank of the Philippines have chosen to freeze Okada Manila bank account due to the ongoing intra-corporate dispute between Tiger Resort Asia Ltd (TRAL) and the group representing the company’s founder, Kazuo Okada.
An attorney who represents the TRAL said that BDO bank required both parties to sign an agreement to pay out the salaries of the employees of Okada Manila, but then Kazuo Okada had refused to sign any agreement bearing the signature of director Hajime Tokuda.
Sunday’s statement suggested the Kazuo Okada group, which by force took control of Okada Manila late last month, may choose to use “cage money” or revenues generated from the operations of the casino and hotel to fund the operations and the salaries of Okada Manila’s employees but these funds will not last very long, it would “run dry soon.”
According to an attorney of TRAL, after Kazuo Okada violently and illegally takeover, the integrated resort has no access to its bank accounts. And they expect Okada Manila’s funds to dwindle in the coming weeks, puts not only guests at the disadvantage, but at the same time puts its more than 5,000 employees, many of whom rely on their salaries to meet their daily needs.
No bank will engage with an entity under an ownership dispute. Once Okada Manila’s funds start to run dry, they will have problems dealing with the operations of the integrated casino resort.
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