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Friday, March 29, 2024

Okada insists he controls most shares in Tiger Resort

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Japanese gaming tycoon Kazuo Okada maintained that the estafa charges filed against him by the Justice Department “are absolutely baseless” and that he owns a majority-stake in the company that runs the Parañaque casino named after him.

“These cases are only intended to destroy my reputation in the business community and discredit all the hard work I have put into the establishment, rise and success of Okada Manila, which is now operated by my accusers,” Okada said in a statement sent through his lawyers.

Okada argued that he could not not defraud the company that he owns.

The Justice Department, in December, reversed an earlier ruling by the Parañaque City Prosecutor’s Office dismissing the complaint against Okada, who allegedly pocketed some $3.1 million in unauthorized compensation from the board of Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila.

Okada already filed a motion for reconsideration on the DoJ ruling.

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

“TRLEI is 100-percent controlled by Universal Entertainment Corp., 67.9-percent shares of which is controlled by Okada Holdings Limited. OHL is a corporation which I essentially own as I technically have control over all of OHL’s shares. OHL holds 100-percent of the shares of Tiger Resort Asia Limited, which in turn, owns 99.99 percent of TRLEI,” Okada said.

Okada said the $3.1 million he received from the company represented his salaries and fees for his efforts, contribution and services in establishing Okada Manila pursuant to contracts entered into by him and Takahiro Usui, who was authorized by the board of directors of TRLEI to enter into such contracts.

“As owner of Okada Manila, it is absolutely absurd for me to ‘unlawfully take’ these salaries and fees. I was responsible for the investment of more than $2 billion in Okada Manila. How would I commit estafa 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?” he said.

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

He, however, filed a suit in September this year against Tiger in Hong Kong in a bid to regain control of Okada Holdings and secure criminal convictions for fraud and financial crimes against those responsible for his alleged illegal ouster as chairman of Okada Holdings, UEC, Tiger Resort and Okada Holdings.

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