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Legal & RegulatoryIndustry

Japanese billionaire gaming entrepreneur arrested in Hong Kong

Kazuo Okada, one of Japan’s most prominent gaming industry executives, has been arrested in Hong Kong on corruption charges.

arrested

The Hong Kong Independent Commission Against Corruption (ICAC) arrested Okada, owner of Japanese-based gaming manufacturer Universal Entertainment Corporation, and his so called associate, Li Jian, on charges to defraud Okada Holdings of $19.7m.

Authorities were alerted to Okada’s activities by Tiger Resort, the operator of Okada Manila, which has launched several lawsuits against Okada in the past for allegedly committing fraudulent acts.

Universal Entertainment issued a statement regarding the arrest of its former Chairman and founder.

The statement claims Okada is currently released on bail and that Universal intends to offer its “full support and assistance to the ICAC” during the ongoing investigation.

Okada was ousted from the Universal Board in June 2017 after the company launched an internal investigative panel regarding his use of company money.

In May, Okada also saw fraud and perjury charges against him dropped by prosecutors in Paranaque City and Makati.

Okada has an estimated net worth of $1.82bn, according to Forbes.

 

 

 

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