Ruling in Philippines partnership dispute favors Okada
This dismissed Century Properties Group petition filed by for interim measures of protection against Eagle I Landholdings, the Philippine subsidiary of Okada’s Universal Entertainment that scrapped the partnership, reputedly after a falling out over ownership rights to portions of the expansive residential and retail offering planned for the project, known as Manila Bay Resorts.
Eagle I has claimed the decision by a third local partner, First Paramount Holdings 888, to withdraw from the venture voided Century’s deal. Century disagrees and sued, obtaining a preliminary injunction last month barring Eagle I from negotiating with other prospective partners.
The partnerships are necessary for Eagle I to comply with a law limiting foreign ownership of Philippine land to 40 percent. Universal, however, says work on Manila Bay Resorts is progressing without them, and the project will open on schedule in 2015.
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