Business

Court orders Japanese tycoon Okada’s arrest for fraud

Japanese billionaire gaming tycoon Kazuo Okada

Japanese Billionaire and gaming tycoon Kazuo Okada in corruption and fraud indictment

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A Parañaque court, in the Philippines, has ordered the arrest of Japanese gaming tycoon Kazuo Okada in connection with 3 fraud cases.

The billionaire is accused of receiving $3.1 million in alleged unauthorized compensation from the board of Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), the operator of the casino-resort hotel complex Okada Manila.

In the warrant of arrest dated January 4, 2019, Parañaque City Regional Trial Court Branch 257 Judge Rolando ordered the police and National Bureau of Investigation to arrest Okada and fellow-accused Takahiro Usui.

Okada was the director, chairman and chief executive officer of TRLEI. Usui was the firm’s director, chief operating officer and president.

Okada allegedly pocketed $443,835.62 and $500,000 in salaries for April and May 2017, and $2.215 million in consultancy fees from November 2016 to March 2017, all without the proper authorization from TRLEI’s board.

Usui, meanwhile, is accused of facilitating the payment to Okada.

The Japanese tycoon’s camp earlier maintained he received the money as lawful compensation and his indictment was erroneous as there was no proof of misappropriation nor evidence of any conspiracy.

Okada was ousted from the company in June 2017 over alleged irregularities in the use of the firm’s funds.

The Japanese billionaire, however, filed a suit in September this year against Tiger saying his ouster was illegal.


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