Universal Entertainment chief Kazuo Okada has settled a legal dispute over a failed real estate venture with Century Properties in the Philippines.
The developer was partnering with a property-based affiliate of Universal to develop real estate and retail properties on the site of Universal’s planned integrated resort development in Manila. No details of the settlement were given.
“We recognise that the disagreement between our companies was a result of a misunderstanding of the issues, which were clarified in our meeting with Mr Okada,” Century Properties said.
“We are now taking the appropriate legal steps to withdraw the case, as we focus our attention to more constructive matters. We wish the Universal group continued success in its projects,” it said.
