A statement recently issued by a corporate communications firm said that Hong Kong’s anti-graft agency, the Independent Commission against Corruption, has released Japanese gaming magnate Kazuo Okada from bail “unconditionally.”
“He no longer needs to report to the ICAC and his bail money was returned to him unconditionally,” said the February 22 statement from Citigate Dewe Rogerson Ltd.
According to GGRAsia, in August reports emerged that Okada had been “detained,” then posted bond and surrendered his passport after an interview with the ICAC. At the time, the billionaire said the interview was related to “groundless” allegations of financial misconduct by the company he founded, Universal Entertainment Corp. In 2017, Universal and its subsidiaries ousted Okada from various leadership roles for allegedly defrauding the business of millions in U.S. dollars. He has strenuously denied the allegations, and asked why he would need to steal mere millions when his net worth is valued in the billions.
Since his ouster, Okada has trying to regain control of Okada Holdings Ltd., a private Hong Kong-registered entity that owns 68 percent of Universal Entertainment. Universal in turn controls Tiger Resort, Leisure and Entertainment Inc., the promoter of the Okada Manila casino resort in the Philippines. Tiger Resort wants to rebrand Okada Manila to remove the name of the founder, and also do a back-door flotation of the casino resort, GGRAsia reported.
In other news reported by the Macau Daily Times, that city’s Court of Second Instance has dismissed an appeal filed by Okada of a prior defeat at the Court of First Instance. The case involved Okada’s longstanding lawsuit against Wynn Macau for US$1 billion. Okada may still appeal the latest decision and bring the case to Macau’s Court of Final Appeal. Okada is a former Wynn board member who was kicked out in 2012 due to allegations of bribery related to the Philippines resort. Again, Okada has denied any wrongdoing.
