GGRAsia – Okada side says mogul released from HK graft watchdog bail

Okada side says mogul released from HK graft watchdog bail

Feb 22, 2019 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck

A statement issued on Friday on behalf of Japanese gaming entrepreneur Kazuo Okada (pictured) said that Hong Kong’s anti-graft agency the Independent Commission Against Corruption (ICAC), had “released him from bail unconditionally” that afternoon.

“He no longer needs to report to the ICAC and his bail money was returned to him unconditionally,” said the statement issued by Citigate Dewe Rogerson Ltd, a financial corporate communications firm.

It emerged in August that Mr Okada had been “detained”, posted bond and surrendered his passport after attending an interview with the ICAC.

The events had been confirmed to GGRAsia in an emailed statement at the time from Mr Okada’s side and a follow-up commentary from his representatives.

Mr Okada said at the time the matter was in connection with what he termed a “groundless” investigation report commissioned by the current management of Japanese conglomerate Universal Entertainment Corp, a group he founded but from which he is now estranged amid claims he defrauded the business of millions in U.S. dollars. He has always denied any wrongdoing.

Mr Okada has been engaged in legal moves in Hong Kong centring on efforts to assert control over Okada Holdings Ltd, a private Hong Kong-registered entity owning 68 percent of Universal Entertainment. The latter in turn controls Tiger Resort, Leisure and Entertainment Inc, the promoter of the Okada Manila casino resort in the Philippines.

Tiger Resort would like to change the name of Okada Manila, and do a back-door flotation of the casino resort. Mr Okada is fighting that move.

Lawyers for Mr Okada said earlier this month his side would contest a recent decision of a Tokyo court that ruled as valid a 2017 agreement relating to Okada Holdings. Under the agreement, Mr Okada’s daughter Hiromi Okada assented to vote her stock alongside that of her brother Tomohiro Okada, effectively giving him control over the Universal Entertainment empire via Okada Holdings.