GGRAsia – Kazuo Okada warrant no impact on Okada Manila: Universal

Kazuo Okada warrant no impact on Okada Manila: Universal

Jan 08, 2019 Newsdesk Latest News, Philippines, Top of the deck

The issuance by a court in the Philippines of a warrant for Japanese billionaire entrepreneur Kazuo Okada would have “no impact” on the operations of the Okada Manila casino resort in the Philippine capital. So said Japanese conglomerate Universal Entertainment Corp in a Monday filing to Jasdaq.

Universal Entertainment is the parent company of Tiger Resort, Leisure and Entertainment Inc, operator of the Okada Manila casino resort. In 2017 Mr Okada was shunted from the board of Universal Entertainment and removed from the chairing role at Tiger Resorts, Leisure and Entertainment.

Reuters news agency reported that a Paranaque City regional trial court had ordered on Friday the National Bureau of Investigation and the Philippine National Police to present Mr Okada to court. The Philippine court also ordered the arrest of former Tiger Resort, Leisure and Entertainment president Takahiro Usui, reported the Manila Standard.

In a resolution dated December 7, the Department of Justice of the Philippines had said it found cause to indict Mr Okada for three counts of swindling after he acquired “through mistake or fraud” US$3.15-million in salary and consultancy fees while he was heading Tiger Resort, Leisure and Entertainment.

“The facts surrounding this indictment of Mr Okada and Mr Usui and the issuance of a warrant for their arrest will have no impact whatsoever on the going concern of Okada Manila,” stated Universal Entertainment in its Monday filing.

It added: “In acquiring and maintaining licences for the company’s casino-related businesses, members of company management need to undergo a strict screening of suitability by the gaming commissions who constitute the regulatory authorities. However, Mr Okada and Mr Usui were dismissed from their post of director of Tiger Resort, Leisure and Entertainment on June 16, 2017.”

Universal Entertainment added that the warrants of arrest would also “have no impact on the acquisition of shares of Asiabest Group International Inc” by one of its subsidiaries. The goal of the latter operation is to pave the way for the backdoor listing of shares in the company that runs the Okada Manila.

Mr Okada told GGRAsia in August he was taking legal action to ultimately regain control of Universal Entertainment.