Okada: \u2018I Own Tiger Resorts\u2019<\/strong><\/h2>\nOkada, who is a resident of Hong Kong, railed against the indictment to Inside Asian Gaming<\/em> on Monday.<\/p>\n\u201cHow can I defraud the company that I own?\u201d he demanded. \u201cTRLEI is 100 percent controlled by Universal Entertainment Corporation, 67.9 percent\u2026 of which is controlled by Okada Holdings Limited (OHL). OHL is a corporation which I essentially own as I technically have control over all of OHL\u2019s shares. OHL holds 100 percent of the shares of Tiger Resort Asia Limited (TRAL), which in turn, owns 99.99 percent of TRLEI.\u201d<\/p>\n
\u201cAs owner of Okada Manila, it is absolutely absurd for me to \u2018unlawfully take\u2019 these salaries and fees,\u201d he continued. \u201cI was responsible for the investment of more than US$2 billion in Okada Manila. How would I commit estafa (fraud) against TRLEI and Okada Manila for a measly amount of salaries when I was the one who established and caused the rise and success of Okada Manila?\u201d<\/p><\/blockquote>\n
Dynastic Dispute<\/strong><\/h2>\nOkada, 76, was ousted from the board of Tiger Gaming\u2019s parent, Universal Entertainment, in June 2017, from which he is accused of misappropriating a further $17 million in company funds.<\/p>\n
Whether he does own 69 percent of Universal parent Okada Holdings is a matter of legal dispute. Okada Holdings is a family owned business whose board also ousted him in 2017 when family members turned against him.<\/p>\n
Okada is suing his son and wife in an attempt to wrestle back control of the company.<\/p>\n
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The billionaire has also filed a motion for reconsideration with the DOJ, dismissing the accusations against him as baseless. He says he is the victim of a boardroom coup and that the disputed funds were legal director\u2019s loans which he used to reinvest in junket operations for the Okada Manila.<\/p>\n<\/div>\n
Violence, Intimidation <\/strong><\/h2>\nBut Universal — which Okada founded 50 years ago — claims that a third-party investigation into the matter has confirmed the allegations of fraud and the company has said it has \u201csincerely and solemnly\u201d accepts this verdict.<\/p>\n
The investigation also alleged Okada had \u201cviolently intimidated and threatened\u201d a Universal executive, Yoshinao Negishi, with whom he is alleged to have conspired.<\/p>\n
Okada made his fortune from the manufacture of pachinko machines in Japan and casino equipment for the international market. He was a founder and principal shareholder of Wynn Resorts before being ousted in 2012, allegedly — according to Steve Wynn — for bribing a Philippine official in a bid to receive licensing for the project that became the Okada Manila.<\/p>\n","protected":false},"excerpt":{"rendered":"
A court in the Philippines has ordered the arrest of Japanese casino mogul Kazuo Okada, 77, on three counts of fraud. The charges relate to the alleged misappropriation of more than $3 million from Tiger Resorts — the operator of the Okada Manila, in the Philippines\u2019 Entertainment City and come a month after the country\u2019s […]<\/p>\n","protected":false},"author":36,"featured_media":95666,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,10,60,18],"tags":[],"acf":[],"yoast_head":"\n
Kazuo Okada Indicted in the Philippines for Fraud, Protests Innocence<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n