Tiger Resort Asia Ltd (TRA) has wasted no time in asserting its authority over Asiabest Group International Inc (ABG), installing 11 new directors to the board just two days after completing its takeover of the former mining firm.
In a filing, TRA revealed that 10 officers and directors had stepped down from the ABG board, with TRA naming 11 people to take their place.
They include Takako Okada, the estranged wife of former TRA and Universal Entertainment Chairman Kazuo Okada who was ousted last year following allegations of fraud against the company. Ms Okada remains a director of both TRA and Universal as well as being a board member and Chief Relations Officer of Tiger Resort, Leisure and Entertainment, Inc (TRLEI) – the TRA subsidiary that operates Philippines IR Okada Manila.
Also appointed to the new ABG board are TRLEI President Kenji Sugiyama, VP of Accounting at TRLEI Masamitsu Fujime and three other current TRLEI directors in Toki Takeuchi, Manuel M. Lazaro and Takashi Oya.
Universal Entertainment Corp COO Hajime Tokuda completes the picture for AGB’s new majority owners.
TRA announced on Monday that it had completed the acquisition of a 66.6% stake in ABG with the purpose of completing a backdoor listing of the company on the Philippine Stock Exchange.