January 05, 2019
Kazuo Okada

Japanese tycoon Okada says estafa charges against him totally without basis.

JAPANESE businessman Kazuo Okada yesterday described the estafa charges filed against him by the Department of Justice before a Parañaque court as absolutely baseless.

“How can I defraud the company that I own. I deplore these baseless accusations,” Okada said in his motion for reconsideration before the DoJ.

Okada explained that he practically owns Okada Manila, stressing that at the time of the supposed questionable payments to him on April 30, May 9 and 30, 2017, he was in full control of Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), which operates Okada Manila.

“TRLEI is 100% controlled by Universal Entertainment Corporation (UEC), 67.9 percent shares of which is controlled by Okada Holdings Limited (OHL). OHL is a corporation which I essentially own as I technically have control over all of OHL’s shares. OHL holds 100 percent of the shares of Tiger Resort Asia Limited (TRAL), which in turn, owns 99.99 percent of TRLEI,” Okada said.

As he pointed out in his motion, Okada explained that the amounts he received represent his salaries and fees for his efforts, contribution and services in establishing Okada Manila pursuant to contracts entered into by him and Mr. Takahiro Usui, who was authorized by the Board of Directors of TRLEI to enter in such contracts.

“As owner of Okada Manila, it is absolutely absurd for me to ‘unlawfully take’ these salaries and fees. I was responsible for the investment of more than US$2 billion in Okada Manila. How would I commit estafa against TRLEI and Okada Manila for a measly amount of salaries when I was the one who established and caused the rise and success of Okada Manila?” he asked.

For Okada, it is difficult to understand how the DoJ came up with a resolution finding that he “misappropriated” funds of his own company.

“These disbursements underwent the proper procedure and were processed by the concerned offices within the company,” he said.

Unable to hide his extreme frustration, Okada said, “These cases are only intended to destroy my reputation in the business community and discredit all the hard work I have put into the establishment, rise and success of Okada Manila, which is now operated by my accusers.”