There’s more hot water in store for billionaire businessman Kazuo Okada, a Japanese casino tycoon who lost control of his Philippines gaming empire due to allegations of embezzlement, briefly occupied the property in 2022, and then was tossed out again.
Last week, local media reported that a judge has ordered the arrest of Okada and his cronies for allegedly siphoning money from the integrated resort (IR) during the takeover.
According to the Philippine Business Mirror, Paranaque Regional Trial Court Judge Regina Paz A. Ramos-Chavez issued warrants for Okada, Antonio “Tony Boy” Cojuangco, Dindo Espeleta, lawyer Florentino “Binky” Herrera and nine others for “qualified theft.” The judge also denied motions to suspend or defer the criminal proceedings.
Tiger Resort Leisure and Entertainment Inc. (TRLEI) is a subsidiary of Universal Entertainment, which operates the IR and casino in the Entertainment City casino zone in Manila. TRLEI accuses the defendants of stealing some PH500 million (about US$9 million) from the casino cage when its bank accounts were frozen during the hostile takeover.
Okada associates stormed the property in May, claiming that a motion by the country’s high court had reinstated Okada as chairman. They controlled the IR until September, when they were ordered to vacate and cede control to the previous operator and board.
In denying the motions, the court wrote that “there is probable cause for the issuance of warrant of arrest against all the accused…The counter-allegations of the accused, being evidentiary in nature, are best threshed-out in a full-blown trial.”
After the 2022 occupation, Okada was arrested for “grave coercion” in the matter, but later released by local police. He continues to insist that he’s the rightful owner and controller of the $3.3 billion property in Manila’s Entertainment City casino zone.
“I insisted on coming back to the Philippines despite several warnings from my lawyers that I may be detained by the authorities,” he said at the time of his first arrest. “I want to show to the Filipino people and the world that I am not afraid. I came back to face this grave coercion charge against me and my associates. I have nothing to fear when I know I am standing on the right side of the law. I will not bow down to intimidation, and I will not back off from this legal battle. This fight isn’t over.”
