THE Regional Trial Court (RTC) in Makati has granted Century Properties Group Inc. a preliminary injunction over its row with the Okada gaming project in Entertainment City.
The company said RTC Branch 66 has granted the injunction on July 25 for its case against Eagle I Landholdings Inc., the main company used by Japanese gaming businessman Kazuo Okada. The lower court pointed out that the injunction prevents the Okada group from terminating its contract with Century Properties and also prevents the Japanese national to deal with other parties.
“The court ordered the issuance of injunction prohibiting the Okada group…from dealing with any party with respect to any sale, disposition or original issuance of any class of the shares of stock of Eagle I and refrain from any sale, disposition or original issuance of any class of the shares of stock of Eagle I and from dealing with any other party for the development of the commercial/residential land and the commercial/residential project itself as contained in said agreements,” the order stated.
Century Properties, at the invitation of Okada group, was called upon to be a shareholder of Eagle 1, and developer of a 5-hectare portion into a luxury commercial-residential property. It signed the agreement on November 5 last year, and since then it has been in constant communication with the Okada group for the project to build a $1-billion casino in the Pagcor Entertainment City.
“Century executed the binding documents then and immediately thereafter engaged in due diligence, and made the necessary arrangements for the investment in Eagle 1,” the company said. Okada’s group, however, wanted some amendments in the existing agreement that had Century Properties issuing a notice of dispute on March 21.
The Okada group has since terminated its deal with the Century group in March.
“Century Properties views this as a maneuver by the Okada group to get out of its exclusivity agreement with Century,” the company said earlier. Century Properties has already earmarked around $12 million (about P545 million) for the deal. Funding will be sourced from existing cash, company officials said.
Source: Business Mirror | July 29, 2014