Philippine-listed real estate company Century Properties Group Inc has dropped its civil case against the Okada Group of Japanese tycoon Kazuo Okada.
Century Properties informed the stock exchange on Thursday that it is withdrawing its case against the group following a recent meeting that settled the issues amicably between the two firms.
The case stemmed from a decision by the Okada Group in 2014 when it terminated the investment agreement with Century Properties for the development of a luxury residential and commercial project on a five-hectare property at the 44-hectare entertainment complex, in Manila Bay Resorts.
The investment agreement was made in the last quarter of 2013 between Century Properties and Okada’s Eagle I Landholdings Inc, Eagle II Holdco Inc, and Brontia Ltd.
Shortly after Century Properties filed its civil case against Okada Group in 2014, the Makati Regional Trial Court issued an order that prevented the Japanese group from terminating the agreement, which the appellate court had set aside in a March 2015 decision to review the prohibition.
“We recognize that the disagreement between our companies was a result of a misunderstanding of the issues, which were clarified in our meeting with Mr Okada. We are now taking the appropriate legal steps to withdraw the case, as we focus our attention to more constructive matters,” Century Properties said.
Kenji Sugiyama of the Okada Group said: “The Okada Group thanks Century Properties for the opportunity to clarify and put the issues to rest. We take this opportunity as a big step towards moving forward with the development of the project, which we deem will be Asia’s best integrated resort that Filipinos will be proud of.”
The real estate company noted that the reconciliation with Okada Group transpired “without conditions” and that it wishes the group well in the continuation of the Manila Bay Resorts project.
Century Properties last trading price went down by 1.11 per cent or P0.0100 to close at P0.89.