Lawyers of businessman Kazuo Okada on Thursday denied reports that the Japanese gaming tycoon has been arrested in Hong Kong allegedly for conspiring to commit fraud against his own company, Okada Holdings Limited.
Reports circulated in social media that Okada was arrested last week but was later released on bail. Universal Entertainment Corp. (UEC) reportedly made a disclosure at the Tokyo stock exchange expressing the company’s willingness to cooperate with the authorities.
READ: Japanese gaming mogul, associate arrested
UEC is Japan’s leading manufacturer of gaming products and video games. Okada was its chairman of the board until June 29, 2017. Okada Manila’s owner, the Tiger Resort Leisure & Entertainment Inc. (TRLEI), is a subsidiary of UEC in the Philippines.
In a statement sent to reporters, lawyer Rean Balisi said the case which Okada was reportedly arrested for in Hong Kong was dismissed in May 2018.
He said the case, which was reported to be pending before the Independent Commission Against Corruption (ICAC), could be merely a rehash of the dismissed case.
According to Balisi, the case appears to be merely a retaliation instigated by Okada’s detractors for the two criminal cases he and his daughter, Hiromi Okada, has filed at Hong Kong’s Commercial Crime Bureau.
The lawyer added that he is “in close coordination with Okada’s lawyers in Hong Kong” and that “Okada and his daughter Hiromi are also in control of Okada Holdings.”
On May 9, 2018, Okada filed a criminal case for theft, conspiracy, fraud and money laundering against Jun Fujimoto, UEC’s President; Makoto Takada, Atsunobu Ishida, who both claim to be Okada Holdings Limited (OHL) Directors; and several other individuals.
The case involves the 43.48 percent shares (worth approximately HK$6.18 billion) in OHL, an Okada Family company incorporated in Hong Kong, and a suspected case of “money laundering” involving US$43,497,203.80.
On March 23, Hiromi Okada also filed a criminal case against her brother, Tomohiro Okada, Takada, Ishida, and Fujimoto for fraud reportedly caused by the unlawful transfer and seizure of her 9.78% shareholdings in OHL.
“It is simply impossible and absurd for my client to defraud his own company,” Balisi said. /ee