Wednesday, July 24, 2024
HomeNewsPhilippinesOkada arrested for allegedly stealing PHP500 million ($9.14 million)

Okada arrested for allegedly stealing PHP500 million ($9.14 million)

A Philippine court has ordered the arrest of Japanese mogul Kazuo Okada and others for “siphoning money from Okada Manila” after he was detained for his forceable occupation of a casino owned by Universal Entertainment Corp in October 2022.

His arrest is the latest move in an ongoing dispute with Universal Entertainment, which Okada founded.

Tiger Resort Leisure and Entertainment Inc has accused the operator of the resort in Parañaque of allegedly stealing some PHP500 million ($9.14 million) from the Okada Manila casino in 2022 when Okada and his group physically seized control of the Okada Manila casino in the Philippines.

The court rejected Okada’s bid to suspend or delay the criminal proceedings, stating that “there is probable cause for the issuance of warrant of arrest against all the accused.”

“The counter-allegations of the accused, being evidentiary in nature, are best threshed-out in a full-blown trial,” as quoted in the same press release.

In early 2022, the Supreme Court in the Philippines had issued an order to Okada to his position as chairman and CEO of Tiger Resort Leisure and Entertainment, Inc. (TRLEI), the operator of Okada Manila.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

MORE ARTICLES

FOLLOW US

daily newsletter