Casino Boss Kazuo Okada Detained at Hong Kong on Fraud Charges

Japanese tycoon Kazuo Okada was reportedly detained in Hong Kong on fraud charges, based on Chinese media outlets. Mr. Okada was the creator and Chairman of pachinko and slot machine manufacturer Universal Entertainment Corp., but had been ousted in the firm last summer after being discovered to have transferred more than HK$150 million out of its own accounts for personal benefit.

Chinese media outlets reported last week that Mr. Okada was arrested by Hong Kong’s Independent Commission Against Corruption. Launched in 1974, the individual agency is responsible for investigating and removing corrupt activities.

As stated previously, Mr. Okada was forced out of the firm after reports emerged that he had misappropriated funds on two chief events between 2015 and 2016. The very first occasion had involved the businessman transferring the amount of HK$135 million for a loan to Goldluck Tech Limited, a firm that, since it had turned out, he had been associated with. The transfer had been completed without a necessary approval from the company’s board.

Following investigation by an independent device, it had been found out that the businessman had sought personal advantage.

Mr. Okada was also ousted from Tiger Resort Asia whose subsidiary Tiger Resort Leisure and Amusement developed and operates the Okada Manila incorporated resort in the Philippine capital. The Japanese tycoon faces multiple lawsuits with regard to his misappropriation of company funds.

Leaked Resolution

News emerged last month that Tiger Resort Leisure and Amusement has asked the Philippine Department of Justice to explore the congestion of a courtroom settlement in relation to Mr. Okada’s fraud case.

Before this season, leaked segments of a settlement favoring Mr. Okada were submitted by his or her ldquo;near companion” Chloe Kim on her Facebook profile. The leaked legal document reportedly had the signature of Parañaque City Prosecutor Amerhassan Paudac, who presided the businessman’s case in the Philippines.

Mr. Paudac formed a board to investigate the matter and asked the Philippine Bureau of Investigation to probe Ms. Kim’s social networking profiles. However, Tiger Resort turned to the DOJ, requesting it officially to take on the investigation, as it considered it inappropriate for Mr. Paudac to participate and his involvement was “whitewashed”& “self-serving, and unjustified. ” The firm had previously said that the prosecutor should control himself from the situation as he had been biased toward the Japanese gaming tycoon.

The DOJ has stated that it look into the matter when possible. Tiger Resort’s lawsuit against the businessman is just one of piling legal conflicts that the hostess has been confronting. As stated previously, the business works the Okada Manila casino resort that’s just one of three components of the type operating within Manila’s Entertainment City.