Fraud charges against Kazuo Okada dismissed by Philippines Court
Fraud charges against former Universal Entertainment Corp chairman Kazuo Okada were dismissed by the Philippines Court of Appeals.
The Philippines.- The Philippines Court of Appeals has dismissed fraud charges against Kazuo Okada and his partner Takahiro Usui for misappropriating more than US$3m from Tiger Resort, Leisure and Entertainment Inc, the operator of the Okada Manila casino resort.
In 2018 the Philippine Department of Justice had recommended three counts of fraud against Okada after he received US$3.15m in salary and consulting fees “through error or fraud” while serving as CEO of Tiger Resorts, Leisure and entertainment.
Tiger Resort, Leisure and Entertainment — controlled by Japanese-listed Universal Entertainment Corp, also founded by Okada — alleged he illegally paid US$3m in company funds without board approval, reportedly for his advisory work and salary.
However, according to local media reports, “there was no misappropriation or conversion by Okada of the money received”.
Okada was forced out of the company in 2017 by his son, Tomohiro Okada, thanks to his 43.48 per cent stake and a Trust Agreement with his sister, Hiromi Okada, to control voting rights on her 9.78 per cent.
