The Philippine unit of Japan-listed gaming conglomerate Universal Entertainment Corp. has lodged fraud and perjury cases against gaming mogul Kazuo Okada and his associate in connection with their alleged unlawful use of corporate funds worth $10 million.
On Wednesday, The Manila Bulletin reported Tiger Resort Leisure and Entertainment Inc. (TRLEI), which operates Okada Manila, filed twin fraud charges against Okada and former Tiger Resort President and Chief Operating Officer Takahiro Usui before the prosecutor’s offices in the cities of Parañaque and Makati.
In the first complaint, TRLEI accused Okada of pocketing $3.16 million in salaries and consultancy fees despite serving as the company’s chief executive officer for only a month.
The casino operator also claimed that Okada and Usui allowed the release of the corporate funds with “no Board resolution, approving or authorizing the payment of (such) astronomical sums to Mr. Okada, whether as consultancy fee or salary.”