Kazuo Okada ready to take back holding firm

MANILA, Philippines — Japanese gaming tycoon Kazuo Okada has expressed his belief that justice will prevail in the end, saying the allegations against him are baseless.

“I would say my control was fraudulently taken away from me and I am now doing everything in my power to take it back,” he said in an interview with GGRAsia.

 “I have a belief that justice wins in the end,” Okada added.

Okada said he was illegally removed as director of Okada Holdings Ltd., which is the holding company for all Universal Entertainment Corp. (UEC) shares owned by members of his family.

Okada Holdings Ltd. controls 69 percent of UEC, which – through Tiger Resorts Asia Ltd. – owns Tiger Resort Leisure and Entertainment, Inc. (TRLEI), the operator of Okada Manila.

Okada said he is in Hong Kong to focus on his legal battle to wrest control of the company that he founded.

Earlier this month, UEC claimed Okada was arrested on corruption allegations. Okada’s lawyers said this was untrue, saying the charges were dismissed in May and he has filed charges of theft, conspiracy, fraud and money laundering against UEC officials.

Okada said he has reached out to his son, Tomohiro, for the sake of their family and the company that he created.

 “Tomohiro is also a victim, like us,” he said, adding that some people he trusted betrayed his confidence and manipulated his children.

Okada said Tomohiro should realize that if this controversy continues, the company’s value will keep going down and the family will suffer the most from the loss as major shareholders. He said UEC is currently facing deficits.

Earlier this year, the charges of perjury and estafa against Okada by TRLEI were dismissed by the city prosecutor’s offices of Makati and Parañaque for lack of probable cause.