Philippine billionaire Enrique Razonâ¯has been sued by a branch of Global Gaming Asset Management LLC (GGAM) for allegedly illegally terminating an agreement to operate a Manila casino
Philippine billionaire Enrique Razonâ¯has been sued by a ramify of Global Gaming Asset Management LLC (GGAM) for allegedly illicitly terminating an agreement to control a capital of the Philippines casino.
Bloomberg reported that Razon, chairman and CEO of Bloomberry Resorts Corp, a Philippine gambling casino operator, is also accused of hiding assets in the US to avoid paying an arbitration award.
Global Gaming Republic of the Philippines LLC filed a suit of clothes with theâ¯U.S. District Courtâ¯of theâ¯Southern District of New York,â¯naming the tycoon and several of his properties, including Bloomberry Resorts and Hotels Inc and Sureste Properties Inc, as defendants, and is seeking $296.6m (£215.6m) inward arbitrement grant over Razon’s withdrawal of rights to operate the Solaire Resort and Casino inward Manila’s Entertainment City suburb.
Global Gaming claims that inward 2011 the companion was hired to assist make grow the resort, but the understanding was terminated inwards 2013, 6 months after the locus opened. The accompany alleged Razon avoided paying the arbitrament award.
According to the suit, Razon is also preventing Global Gaming from merchandising its rights inward the cast or collecting the arbitrement awarding past utilizing a vast network of shell companies in the US to skin his holdings and divert assets from the Philippines.
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