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Summary:
- Kazuo Okada and his group were accused of siphoning PHP500 million from Okada Manila in 2022
- A qualified theft case will be pursued against them, stemming from their violent takeover of Okada Manila
- Okada is already facing multiple charges relating to the Okada Manila ownership drama
A Philippine court has issued a warrant of arrest against Universal Entertainment Corp founder and former chairman Kazuo Okada in connection with the violent takeover of the Okada Manila resort by his group in May 2022.
The court in Parañaque also ordered the immediate apprehension of the Japanese tycoon’s close associates in the Philippines who were involved in the takeover. They were all accused of qualified theft stemming from the Okada Manila drama.
Okada and Associates Facing Qualified Theft Charges
Okada’s group barged into Okada Manila on May 31, 2022 and forced the company’s executives to leave the property. The incident took place amid a long-standing ownership dispute involving Okada and the casino resort’s parent company Universal Entertainment Corp, from which Okada was ousted as chairman in 2017 over allegations of financial management.
Okada and his cohorts took charge of the Okada Manila casino complex for around three months before Universal Entertainment Corp regained control of the company in September.
The Okada Manila side revealed in a press release on July 12 that the arrest orders were issued by the Parañaque Regional Trial Court Branch 274 against Okada, Dindo Espeleta, Antonio Cojuangco, and 10 others. Okada and his group allegedly siphoned money from the casino resort when they temporarily took the reins and are facing qualified theft charges, the press release stated.
Court Finds “Probable Cause” to Pursue Case
Tiger Resort Leisure and Entertainment Inc. (TRLEI), which promoted Okada Manila in the Philippines claimed that Okada and his associates embezzled an estimated PHP500 million (US$9.1 million) from Okada Manila’s casino cage in 2022.
As a response, Okada’s side asked the court to suspend or defer the criminal proceedings against them. The motions ended up being rejected by the court after it found “probable cause” for the issuance of warrants of arrest against all the accused, according to Universal Entertainment’s press release.
The arrest warrants follow a February report from Universal Entertainment of an extraordinary loss of almost JPY1.53 billion for 2022. The gaming and entertainment conglomerate claimed that the massive losses came as a result of the “illegal” takeover of Okada Manila by Okada’s group.
Okada and his associates had already been formally charged with direct assault, slight physical injuries, unjust vexation, and grave coercion in October 2022 by a panel of prosecutors from the Department of Justice in the Philippines relating to their takeover of the casino resort. Okada is currently out on bail following his arrest on October 17.
