Okada not arrested in HK, lawyers say

Lawyers of gaming tycoon Kazuo Okada yesterday vehemently denied reports quoting Hong Kong-based sources about his supposed arrest on alleged conspiracy to commit fraud against his own company, Okada Holdings Ltd. (OHL).

In a statement, lawyer Rean Balisi said there are no charges filed against Okada with law enforcement agencies in Hong Kong.

Balisi said the case appears to be merely a retaliatory move by Okada’s detractors to the two criminal cases filed by Okada and his daughter, Hiromi Okada, before Hong Kong’s Commercial Crime Bureau.

On May 9, Okada filed charges of theft, conspiracy, fraud and money laundering against Jun Fujimoto, Universal Entertainment Corp.’s president; Makoto Takada and Atsunobu Ishida, both claiming to be OHL directors; and several other individuals.

The case involves 43.48 percent shares worth approximately HK$6.18 billion in OHL, an Okada family company incorporated in Hong Kong, and a case of money laundering involving $43,497,203.80.

On March 23, Hiromi also filed a criminal case against her brother Tomohiro, Takada, Ishida and Fujimoto for fraud caused by the unlawful transfer and seizure of her 9.78 percent shareholdings in OHL.

Balisi said Okada and Hiromi have a controlling interest in OHL.

“It is simply impossible and absurd for my client to defraud his own company,” Balisi said.