High Society Investors Technology & Science,Top News Razon to ‘vigorously oppose’ Global Gaming in NY lawsuit

Razon to ‘vigorously oppose’ Global Gaming in NY lawsuit



ENRIQUE K. Razon, Jr. will “vigorously oppose” Global Gaming Asset Management (GGAM) Philippines in a lawsuit filed against the billionaire businessman in a New York (NY) federal court earlier this week, a listed company chaired by him said on Wednesday.

“Mr. Razon (and the companies associated with him) will vigorously oppose this shameless GGAM forum shopping and attempt to enforce an arbitral award against those who are not a party to the arbitration,” Bloomberry Resorts Corp. said in a disclosure to the stock exchange.

GGAM sued Mr. Razon for allegedly illegally withdrawing from an agreement to operate the Solaire Resort and Casino. It seeks to enforce a $296.6-million arbitral award against two companies under Mr. Razon’s Bloomberry, namely: Bloomberry Resorts & Hotels, Inc. and Sureste Properties, Inc.

Bloomberry said the arbitral award is still facing an appeal at the Singapore Court of Appeals.

“This is in addition to a court case in the Regional Trial Court (RTC) of Makati City, Philippines which issued a writ of attachment and writ of preliminary injunction against the shares in [Bloomberry] that GGAM was trying to sell while arbitration was pending,” it said.

The company said that RTC’s attachment and injunction issue was lifted by GGAM and is also pending in the Philippine Supreme Court.

Bloomberry also cited a suit filed by GGAM against Mr. Razon in Hong Kong, where GGAM “dragged” the businessman to a case against Deutsche Bank. It said the move was done to pressure the release of GGAM from its shares in Bloomberry, which were cited in the RTC attachment and injunction.

“GGAM had to ask the Hong Kong court to suspend the proceedings because of the subsisting Philippine court actions,” Bloomberry said.

Bloomberry said GGAM “had to pay the cost.”

“The Hong Kong court considered GGAM’s implicating Mr. Razon there unwarranted,” the company said.

On Wednesday, shares in Bloomberry inched up 0.87% to close at P6.96 each. — Keren Concepcion G. Valmonte

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