Court backs Century Pacific Group in Okada dispute

    A Philippine court has granted an order preventing Kazuo Okada’s Universal Entertainment from terminating a real estate deal with Century Properties Group, according to local media reports.
    The Makati Regional Trial Court Branch 66 made the order on July 25.
    Universal’s Philippine unit Tiger Resorts Leisure and Entertainment had teamed up with CPG and First Paramount Holdings 888 to build a luxury integrated resort in Manila’s Entertainment City.
    However, Okada terminated the accord when First Paramount pulled out of the deal.
    The Japanese company is now reportedly seeking to find another local partner, to comply with Philippine regulations limiting foreign ownership of land.
    CPG argued First Paramount’s withdrawal should not have rendered the deal ineffective.
    Regulator PAGCOR has warned that the project will not be able to proceed without a local partner.
    The newest court order also stopped Universal’s Philippine unit from selling shares of holding company Eagle I Landholdings, which owns the site, and dealing with any other party for the development of the commercial and residential project as contained in its agreement with CPG.