Okada says estafa charges are baseless

Japanese casino magnate Kazuo Okada, in a strongly worded message to his lawyers, said the charges against him before the Paranaque court as absolutely baseless.

After submitting his Motion for Reconsideration with the Department of Justice (DOJ), Okada noted that, “how can I defraud the company that I own? I deplore these baseless accusations.”

Okada explained that he practically owns Okada Manila. At the time of the payments to him on April 30, May 9 and 30, 2017, he was in full control of Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), which operates Okada Manila.

He was ousted from TRLEI only on June 16, 2017 and his now contesting his ouster before courts overseas.

“TRLEI is 100 percent controlled by Universal Entertainment Corporation (UEC), 67.9 percent shares of which is controlled by Okada Holdings Limited (OHL),” said Okada.

He added that, “OHL is a corporation which I essentially own as I technically have control over all of OHL’s shares. OHL holds 100 percent of the shares of Tiger Resort Asia Limited (TRAL), which in turn, owns 99.99 percent of TRLEI.”

He argued in his Motion for Reconsideration that the amounts Okada received represent his salaries and fees for his efforts, contribution and services in establishing Okada Manila pursuant to contracts entered into by him and Mr. Takahiro Usui, who was authorized by the Board of Directors of TRLEI to enter in such contracts.

“As owner of Okada Manila, it is absolutely absurd for me to ‘unlawfully take’ these salaries and fees. I was responsible for the investment of more than US$2 billion in Okada Manila,” said Okada.

He pointed out that, “How would I commit estafa against TRLEI and Okada Manila for a measly amount of salaries when I was the one who established and caused the rise and success of Okada Manila?”