A number of criminal complaints have been filed against Kazuo Okada, the Japanese billionaire entrepreneur known for his largest gaming project Okada Manila. Tiger Resort Leisure and Entertainment Inc. (TRLEI), which now manages Okada Manila, presented prosecutors in the cities of Parañaque and Makati with criminal complaints against Mr. Okada, alleging him in illegally stealing more than $3 million from the company.
After the Japanese gaming tycoon was removed from the position of Chief Executive Officer at the company in June 2017, Tiger Resort Leisure and Entertainment took Mr. Okada to court in the city of Parañaque suing for fraud. Okada occupied the position of CEO of the TRLEI in April and May 2017.
For the time being, TRLEI which serves as the local subsidiary of Universal Entertainment Corporation (UEC), has filed separate complaints for two cases of fraud and another case accusing Mr. Okada of lying while under oath. The criminal complaints were filed before the Prosecutors’ Offices in the cities of Parañaque and Makati, respectively.
Two Fraud Accusations
Allegedly, Kazuo Okada had carried out illegal payments of Tiger Resort Leisure and Entertainment Inc.’s funds, with the payments amounting to more than $3 million. The payments had been supposedly made to pay for his salary and consultancy fees over the one-month tenure as TRLEI Chief Executive Officer.
According to the company’s accusations, the former CEO took advantage of his influence and power in order to illegally receive corporate funds amounting to at least $3,158,835.62 according to accusations. The company claims that such payments were never officially approved and given the green light by the Board of Directors, which means that the afore-mentioned amount of money was illegally acquired by Mr. Okada. TRLEI claims that there had not been any resolution of the Board, which approved or authorized the payment of such massive sums to the former Chief Executive Officer, neither as salary, nor as consultancy fee.
When it comes to the second fraud case that was filed by the company before the Prosecutor’s Office in Parañaque, the supply of light emitting diode (LED) fixtures supply to Okada Manila by the personal company of the former CEO – Aruze Philippines Manufacturing Inc. (APMI) – is involved.
Allegedly, a supply contract estimated to $7 million was handed to APMI at the time when Mr. Okada occupied the position of Chief Executive Officer. According to TRLEI, the contract was given to Okada’s personal company with him conspiring with Kengo Takeda, a close associate of him who then served as Chief Technology Officer (CTO) of TRLEI. According to the complaint, both of them used their influence and power to take advantage of the situation for personal gains.
Lying under Oath Allegation
As explained above, TRLEI also filed another complaint against Mr. Okada, claiming that him and the former TRLEI President and Chief Operating Officer (COO) Takashiro Usui deliberately lied under oath in their civil complaint questioning the case before the Parañaque City Regional Trial Court.
According to their statements, no updated 2017 General Information Sheet had been submitted by TRLEI before the Securities and Exchange Commission. The two men also made claims that massive lay-offs were initiated by the company within the resort hotel.
However, the afore-mentioned statements were false according to the company, which said that an updated General Information Sheet for 2017 was actually submitted at the beginning of July 2017. The company further explained that no such lay-off of employees ever happened, revealing that Okada Manila actually hired more employees.