Japanese Casino Boss Accused of Fraud in Philippines1 year ago
Japanese billionaire casino mogul Kazuo Okada is a wanted man in the Philippines after a judge issued a warrant for his arrest.
Okada is alleged to have fraudulently received $3.15 million during an abbreviated reign as CEO of the Tiger Resort in Manila. The Philippines Department of Justice (DoJ) recommended that Okada be charged with three counts of fraud and Judge Rolando How concurred.
After the DoJ's allegations first came to light roughly one month ago, Okada sought to have the charges against him dismissed by filing a motion to reconsider. That pleading apparently fell on deaf ears.
Okada attained much of his wealth by supplying his native country with pachinko machines decades ago. The 76-year-old also invested in Wynn Resorts. Tiger Resort operates the Okada Manila.
The $3.15 million in funds was allegedly taken by Okada as salary and consultancy fees - but without board approval. He served as CEO of Tiger Resort Leisure & Entertainment for only one month, according to the Japan Times.
Okada was also in hot water last year when the board of Universal Entertainment Corp. - the parent company of Tiger Resort - accused him of misappropriating some $20 million while he held the position of chairman.
He was taken into custody in Hong Kong last August on those charges but was subsequently released after posting bail. Okada's whereabouts are currently unknown.
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