Gaming tycoon Kazuo Okada indicted for estafa

ABS-CBN News

Posted at Dec 17 2018 07:37 PM

Kazuo Okada. Erik De Castro, Reuters/File Photo

MANILA - Japanese billionaire and gaming tycoon Kazuo Okada has been indicted for estafa for allegedly receiving millions of dollars in unauthorized compensation while CEO of the firm operating Okada Manila, the Department of Justice (DOJ) said Monday.

In a resolution dated Dec. 7 but made public only on Monday, the DOJ reversed an earlier ruling by the Parañaque City Prosecutor’s Office dismissing the complaint against Okada.

The DOJ said Okada is accused of pocketing around $3.1 million in compensation, all without proper authorization from the board of Tiger Resort, Leisure and Entertainment, Inc (Tiger), the operator of Okada Manila.

Also indicted was Takahiro Usui, who was then president and chief operating officer of Tiger, for allegedly facilitating the payment to Okada.

Assistant State Prosecutor Alejandro Daguiso said Okada and Usui violated the company’s by-laws.

Okada was ousted from the company in June 2017 over alleged irregularities in the use of the firm's funds.

The Japanese billionaire however filed a suit in September this year against Tiger saying his ouster was illegal.