× Gambling News In-Depth iGaming Calendar Connections GI Friday Trafficology GI Magazine GGA 2017 AffiliateCon
NEWS 6 August 2018
Japanese billionaire gaming entrepreneur arrested in Hong Kong
By Harrison Sayers

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

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.




RELATED TAGS: Legal & Regulatory | Industry
IN-DEPTH 22 October 2018
US Sports Betting: States and storylines to watch
Chris Grove, Managing Director of Sports and Emerging Verticals at research firm Eilers & Krejcik Gaming, explores the key states and storylines within US gaming.