Billionaire Japanese pachinko king Kazuo Okada arrested in Hong Kong for corruption charges

Okada was ousted from Universal Entertainment Corp’s board last year, with the board accusing him of misappropriating US$20 million in funds.

So is this done by whistleblowing from his own people inside of his corporation who at least "care" about it, or again from Wynn related long long lasting vendetta have been repeated.

“Upon receipt of a corruption complaint and should there be sufficient information to pursue, the ICAC will follow up on it in accordance with the law and established procedures,” the organization said in a statement. Universal Entertainment Corporation said the Hong Kong Independent Commission Against Corruption (ICAC) had arrested Okada and released him on bail. The ICAC was not able to confirm the information immediately, citing a policy on not commenting on individual incidents. []

Okada lost his board position at Universal Entertainment, which was founded by himself, last year after he was accused of misappropriating $20 mil.. Of course, he denied the accusation.

According to Forbes, Okada is the 16th richest person in Japan, with a net worth that currently stands at $2.1 billion. []

These fraudulent acts include;

  • the multi-million dollar illegal fund outflows from its Hong Kong-based subsidiary Tiger Resort Asia Ltd (TRA),

  • the alleged illegal use of Universal Entertainment Korea Co Ltd to create a security interest for an $80-million financing deal for Okada Holdings,

  • the 2015 transfer of an HKD135-million (US$17.3-million) loan with no collateral and no interest to TRA.

In December, UEC lodged a HK$136.05 million (US$17.4 million) suit against its former chairman before the High Court of Hong Kong Special Administrative Region.[]
In a nutshell, the new suit against Okada stemmed from the loans made to Goldluck Tech Limited and the unauthorized issuance of check from TRA. UEC claimed that between February and March 2015, Okada used TRA to provide a HK$135 million (US$17.26 million) to Goldluck Tech Limited without requesting any collateral and without imposing any interest. The company claimed that HKD 120.05 million (US$15.35 million) of the loan had not been recovered yet. UEC also accused Okada of instructing TRA’s person in charge of accounting to prepare a bearer check of HK$16 million (US$2.05 million) for “his personal gain.” Aside from the case in Hong Kong, Okada has pending lawsuits in the Philippines and in Japan. []

He just don't listen! He just doesn't give a dam about anything!