Universal Entertainment delays Tiger Resort results

Universal Entertainment Corporation has confirmed that it will be delaying the publication of its Q2 2022 Tiger Resort, Leisure and Entertainment results

Universal Entertainment Corporation has confirmed that it will follow delaying the publication of its Q2 2022 Tiger Resort, Leisure and Entertainment results.

Universal elaborate that the former manager of the company, Kazuo Okada, and a chemical group under his instruction “usurped the installation and operation” of the Tiger Resort-operated Okada Manila IR on 31 May 2022.

As Okada and his associates preserve to reside the Okada Manila, they get failed to bring home the bacon Universal with fair to middling information, rendering them unable to disclose prelude results according to the usual schedule.

Universal has committed to regaining check of the Okada Manila and returning it to normal trading operations through effectual means.

On 27 April 2022, the Philippine Supreme Margaret Court Second Division issued an ordering to proceeds Okada to his status before his remotion as Tiger Resort CEO, shareholder and chairman. Subsequently, Universal filed a movement on 2 May for the Supreme Court to reconsider. This motility is currently below deliberation.

Universal confirmed that at one time it receives the results of the Supreme Court decision, it will relocation frontwards with “reclaiming the Okada Manila facility, guaranteeing the safety of its employees, and normalising its operation.”

Universal notes that 99% of Tiger Resort's voting rights belong to Tiger Resort Asia and that its directors are recognised under Hong Kong law.

Therefore, Universal believes Okada and his collaborators violated Hong Kong law, with alleged breaches including falsehood of documents, put-on and embezzlement. The company intends to land outlaw charges against Okada.

Finally, Universal stated that it will free its Q2 2022 results as presently as they have been verified, with announcements on the Supreme Margaret Court conclusion and felonious proceedings to live made as shortly as there is progress.