Japanese gaming tycoon mogul Kazuo Okada vowed to pursue all legal remedies after the Parañaque City Regional Trial Court Branch 257 upheld the issuance of warrants of arrests against him and his associate Takahiro Usui.
The court affirmed the warrant of arrest it issued early this year against Okada and Usui in connection with the three counts of estafa filed by Tiger Resort Leisure and Entertainment Inc. against them, which they vehemently denied.
TRLEI is the operator of Okada Manila Resort Hotel in Parañaque City.
Judge Rolando How of the Parañaque RTC Branch 257, in an order dated May 6, denied the motion filed by Okada and Usui seeking to quash the arrest warrant on charges of embezzlement of $3.1 million in funds of Okada Manila.
Okada and Usui said in a joint statement it was impossible for them to commit estafa, especially for Okada who was in full control of the company when the alleged payment happened on April 30, May 9 and May 30, 2017.
Okada and Usui said the court and TRLEI recognized Okada’s valuable contributions and services as chairman and chief executive and his salaries and fees were even processed, approved and signed by the proper officers of TRLEI.
Okada said he had the sole right to authorize or ratify matters pertaining to TRLEI, including the compensation of the corporation’s directors which was determined by the corporation’s stockholders.
Okada also said he had the power to authorize the payment of compensation to directors because that power was given to him by the board of directors of Universal Entertainment Corp. Okada said he was responsible for the investment of more than $2 billion in Okada Manila.
Okada and Usui said they would vigorously defend themselves against what they called baseless accusations and would continue to avail themselves of legal remedies by filing a motion for reconsideration, and if it was denied, a petition for certiorari with the Court of Appeals. Jenniffer B. Austria
Okada and Usui were accused of misappropriation of company funds committed when Okada was chairman and chief executive of TRLEI and Usui was the chief operating officer. They were removed from TRLEI board in June 2017.