Former Tiger COO also facing arrest
A court in the Philippines has ordered the arrest of Japanese casino king Kazuo Okada on charges that he embezzled $3.1 million from his former company, Tiger Resort, Leisure and Entertainment, which operates the Okada Manila integrated resort in Entertainment City.
Okada allegedly took the money without approval from the TRLEI board. He was forcibly removed as chairman and CEO in 2017 due to “serious violation of governance” and was also kicked off the board of parent company Universal Entertainment, which he founded.
He was then ousted from Okada Holdings Ltd., which holds more than two-thirds of the stock of Universal Entertainment. Okada has taken legal action to regain control of Okada Holdings and has also filed suit in the Philippines to regain his place at TRLEI.
Okada scoffed at suggestions that he would steal mere millions, which he called a “measly amount of salaries.” In a statement, the billionaire said, “These cases are only intended to destroy my reputation in the business community and discredit all the hard work I have put into the establishment, rise and success of Okada Manila, which is now operated by my accusers.”
“How can I defraud the company that I own?” Okada asked.
In December, he filed a motion with the Philippine Department of Justice saying the money comprises “his salaries and fees for his efforts, contribution and services in establishing Okada Manila.” He said the payment was approved by former TRLEI president and COO Takahiro Usui, and says the disbursements in question “underwent the proper procedure and were processed by the concerned offices within the company.”
Usui also faces arrest for facilitating the payment, reported ABS-CBN News.
Last August, the businessman was detained in Hong Kong in August in relation to corruption charges, reported GGRAsia. He posted bond and surrendered his passport after an interview with Hong Kong’s Independent Commission against Corruption.
According to Reuters, Okada’s arrest warrant was issued on January 4, with bail set at PHP 348,000 (US$6,627). His whereabouts were unclear at the time of the first reports.
Universal distanced itself from Okada and Usui in a statement saying the indictments “will have no impact whatsoever on the going concern of Okada Manila, the integrated casino in the Philippines’ Manila Bay area operated by TRLEI.”
