The Philippines Court of Appeals has dismissed fraud charges against Japanese billionaire Kazuo Okada and his associate Takahiro Usui over claims they misappropriated more than $3 million from Okada’s former company, Tiger Resort, Leisure and Entertainment Inc. TRLEI operates the Okada Manila casino resort in Manila’s Entertainment City.
In 2018, the Philippine Department of Justice recommended charges against Okada for three counts of swindling after he acquired “through mistake or fraud” US$3.15 million in salary and consultancy fees during his term as chief executive of TRLEI, a unit of Japan-listed Universal Entertainment Corp. Universal also was founded by Okada.
The billionaire entrepreneur was accused of illegal transferring company funds without permission from the board. According to Reuters, former TRLEI COO and President Usui facilitated the transfer.
At the time, Okada protested that he could not be accused of stealing his own money. But in 2017, he was ousted from the board of Universal Entertainment, then from his role as TRLEI chairman. He was subsequently removed from Okada Holdings Ltd., a private company in Hong Kong that holds more than two-thirds of the stock of Universal Entertainment.
According to the Manila Bulletin, the court ruled that the lower court “gravely abused its discretion in issuing the warrant of arrest when the records suggest that there is no probable cause to indict” the accused.
It also agreed with Okada that he could not have committed “estafa,” or fraud, because he was in full control of TRLEI at the time.
“All told, the facts in this case show the absence or probable cause against Okada, seeing as the elements for estafa … are clearly wanting,” the court wrote. “In light of this finding, the allegation that Usui conspired with petitioner in swindling money to the prejudice of the corporation likewise fails.”
In June 2019, after charges were filed against him, Usui stepped down as chairman and CEO of Aruze Gaming.
