Court in the Philippines Issues Arrest Warrant for Kazuo Okada
Japanese billionaire Kazuo Okada has faced legal trouble in the Philippines, where a court has issued an arrest warrant for him. The arrest warrant stems from the forcible takeover of his namesake integrated casino resort in Manila, which Okada allegedly carried out last year.
On 31 May 2022, a group led by Okada entered the Okada Manila corporate offices, and forced out the existing leadership. They took control of the enterprise and operated the casino resort until the Philippine Amusement and Gaming Corporation (PAGCOR) ordered it to be handed back to Tiger Resort, Leisure & Entertainment, Inc. (TRLEI) in September. The Philippine National Police helped to facilitate the return of the TRLEI executives.
Okada had previously alleged that his adult children were behind his ousting from the TRLEI, and claimed in court that they accused him of stealing money from the gaming business. However, he was later arrested on a single charge of "grave coercion". Okada pleaded not guilty to the charge in December 2022, and promised to clear his name in the Filipino legal system.
In an email sent that month, he claimed that many of his closest associates, including his children, conspired to remove him from Okada Manila based on false allegations of theft and fraudulent activity. He also pointed out that there was no reason for him to steal two billion yen (US$14 million), as TRLEI claimed, since his wealth was substantial.
Okada now holds around 70% of UEC's stock - the parent company of TRLEI - which suggests he has no reason to commit a criminal act to obtain the allegedly stolen funds. Okada's lawyers have petitioned the Philippines Department of Justice to dismiss the "grave coercion" charge, but the judge ruled this week that the appeal would not stop the ongoing criminal proceedings.
As a result, Judge Regina Paz A. Ramos-Chavez has ordered the arrests of Okada and 12 of his associates involved in the May 2022 takeover.
The arrest warrant was issued due to "probable cause" for all the accused. Judge Ramos-Chavez stated that any counter-allegations by the accused would be more thoroughly investigated in a full trial, rather than as part of the ongoing proceedings.
TRLEI believes that around PHP500 million (US$9 million) was stolen from Okada Manila during Okada's unauthorized takeover. A charge of "grave coercion" applies to an individual who uses force or violence to prevent another person or institution from conducting their normal business activities.
The legal consequences of being found guilty of grave coercion can include between two and six years in prison. However, if physical injuries were inflicted as a result of the forcible takeover, the prison sentence could be raised to six to twelve years.
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Source: www.casino.org
