It’s been a bad week for former Japanese casino magnate Kazuo Okada (pictured) after GGRAsia reported that the billionaire has lost legal actions in both the Philippines and his home nation concerning his contested 2017 ousting from the board of Universal Entertainment Corporation.
The 77-year-old billionaire reportedly lost his management position and shareholding with the firm he helped to establish following the discovery by fellow executives of a trio of alleged fraud cases that dated back to 2014 and 2015. However, the septuagenarian has long maintained his innocence and subsequently launched legal proceedings in Japan to invalidate an agreement that had given his estranged son, Tomohiro, effective control over Universal Entertainment Corporation.
After losing the initial round of this action in February, Okada reportedly lodged an appeal with the Tokyo High Court that sought to quash the 2017 deal that saw his daughter, Hiromi, bequeath the voting rights associated with her shareholding in Okada Holdings Limited, which owns 68% of Universal Entertainment Corporation, to her brother, Tomohiro.
GGRAsia reported that this contested arrangement had effectively cut Okada out of the decision-making loop when it came to Universal Entertainment Limited while his recently-reconciled daughter had since sided with her father in the attempt to get the validity of the share management and disposal trust arrangement invalidated.
There was not much better news from the Philippines as the Paranaque Regional Trial Court had recently denied an effort by Okada to get a local arrest warrant overturned. Law enforcement officials in Manila are purportedly eager to speak with the businessman and former associate Takahiro Usui regarding three alleged cases of ‘estafa’ fraud that were rumored to be worth up to $3 million.
The first round of this endeavor in May ended in defeat for Okada while the latest decision means that the arrest warrant from the Philippine Department of Justice remains live over claims from Tiger Resort, Leisure and Entertainment Incorporated, which runs the giant Okada Manila integrated casino resort, that the pair had misappropriated company funds.
Tiger Resort is itself a subsidiary of Universal Entertainment Corporation and earlier this week reportedly revealed that its first-half gross gaming revenues had risen by some 44.7% year-on-year to top $58.9 million. The operator purportedly moreover detailed that half-year VIP rolling chip volumes at Okada Manila had risen by 31.3% to almost $5.2 billion as the Entertainment City venue experienced a 25.1% swell in total visitors numbers to in excess of 2.8 million.