The Philippines Department of Justice has alerted law enforcement and immigration authorities in the country to monitor the comings and goings of Japanese machine gaming tycoon Kazuo Okada, who is accused of defrauding the company behind his US$2.4 billion Okada Manila super-resort.
The notification, known as an Immigration Lookout Bulletin Order, was filed at the request of Tiger Resort Leisure and Entertainment, which claims the billionaire misused some US$10 million in corporate funds by unlawfully pocketing more than $3 million in salaries and consultancy fees and routing a $7 million supply contract for lighting fixtures at Okada Manila to Aruze Philippines Manufacturing, a company he controlled.
He faces criminal charges of fraud and perjury in connection with the allegations.
“There is a strong possibility that (Okada) may attempt to place himself beyond the reach of the legal processes of the government by leaving the country,” said Justice Secretary Vitaliano Aguirre in issuing the order.
The scope of the order is unclear, however, as it does not specifically direct immigration officials to prevent Okada from leaving the Philippines, according to news reports.
Okada previously served as chief executive officer of Tiger Resort, which he founded as a subsidiary of his Tokyo-based Universal Entertainment to develop and operate Okada Manila with Philippine partners. The resort’s first phase opened the end of 2016 with 990 hotel rooms, a casino, an events arena, a nightclub and day club, a pool and other attractions.
It is one of four integrated resorts with casinos selected by the government to anchor a specially zoned entertainment and tourism district on Manila Bay. But it has been clouded by controversy almost since its inception. Okada planned to develop it with Las Vegas-based Wynn Resorts, which he co-founded with Steve Wynn. But Wynn passed on the project and the two men fell out with each other. Okada later was ousted as vice chairman of Wynn and his 20 percent shareholding was seized after he was implicated in an alleged bribery related to the licensing and development of the Manila project. He has denied any wrongdoing.
Last year, Universal removed him as chairman and CEO after an in-house investigation concluded he misappropriated company funds. He has denied those charges as well and is suing to reverse his ouster.
