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Filipino billionaire Enrique Razon was sued in New York by a company that claims the mogul illegally terminated a deal to operate a Manila casino and is hiding assets in the United States to avoid paying an arbitration award.
The lawsuit, filed Monday in federal court in New York by Global Gaming Philippines, seeks to confirm a $ 296.6 million arbitration award made by a panel in Singapore against Razon for its withdrawal of rights to operate the Solaire Resort and Casino in the Entertainment City suburb of Manila. .
Global Gaming, whose executives have experience running some of the world’s largest gaming operations, including Las Vegas Sands, says Razon requested its services in 2011 to help develop the complex and then terminated the deal six months after its opening in 2013. The lawsuit also accuses Razon of working to prevent Global Gaming from selling its rights to the project.
The company alleges that Razon avoided paying the arbitration award and took steps to prevent Global Gaming from collecting. The lawsuit says that Razon and his agents have “formed a vast network of shell companies” in the United States to hide his holdings in the county and divert assets from the Philippines to fund those entities for the benefit of him and his family.
A representative for Razon could not be immediately reached for comment.
The lawsuit is Global Gaming v. Enrique K. Razon, 21-cv-2655, US District Court, Southern District of New York (Manhattan) – Bloomberg
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