Seeking millions in damages
Universal Entertainment subsidiary Tiger Resort Asia Ltd. is seeking $17.4 million from former director Kazuo Okada, claiming it suffered “the majority of the damage as a result of fraudulent acts” purportedly committed by the Japanese billionaire.
Okada, who has denied any wrongdoing, allegedly transferred funds from a Tiger Resort loan to his own personal account in 2015; the loan was intended for a company called Goldluck Tech Ltd. “without requesting any collateral and without imposing any interest.” The funds were then reportedly transferred to Okada Holdings for Okada’s personal use. “About HKD120.05 million of the loan has not been recovered yet,” according to a statement from the Japanese conglomerate.
Also in 2015, the billionaire Japanese businessman reportedly withdrew $2 million from a Tiger Resort account using a company check without following proper procedures, according to GGRAsia. Universal Entertainment says these transactions “were conducted by Mr. Okada at his own discretion” and “in order to seek his personal gain.”
The suit, filed December 27 in the High Court of Hong Kong, seeks compensation of HKD136.05 million (US$17.4 million) from Okada, founder and former chairman of Universal Entertainment.
Additional defendants include Okada Holdings Ltd.; Goldluck Tech; and a businessman Li Jian, described as a representative of Goldluck Tech.
