Controversial gaming mogul Kazuo Okada has been arrested by Hong Kong’s Independent Commission Against Corruption (ICAC) in relation to a range of alleged fraud and corruption charges leveled at him by his former company, Universal Entertainment Corp.
In an announcement published on its website on Monday, Universal said it had been informed by the ICAC that Okada “has been arrested by the ICAC in relation to various corruption related offences” but is currently out on bail, subject to bail conditions imposed on him by the ICAC.
Universal subsidiary Tiger Resort Asia Ltd (TRA) filed the original complaint after accusing its founder of conspiracy to defraud Okada Holdings – the majority shareholder in Universal – of HK$135 million in 2015. Okada is alleged to have arranged a loan of HK$135 million from TRA to Goldluck Tech Limited to pay for artworks without requesting any collateral and without imposing any interest.
TRA also filed a damages suit against Okada with Hong Kong’s high court late last year relating to the loan as well as a second case in May 2015 in which Okada is alleged to have issued a bearer check in the amount of HK$16 million from a bank account under the name of TRA before withdrawing the HK$16 million from TRA’s account three days later based on the check.
Universal released a statement at the time revealing it had filed the suit “as a part of the damage suffered by the company due to his negligence of duty as a board member of the company in connection with misconducts by Mr Okada.”
Okada was kicked off the Universal and TRA boards in June 2017 with Universal quick to point out this week that “he has no further connection with us whatsoever.
It added, “Notwithstanding the aforesaid, we will render our full support and assistance to the ICAC and other law enforcement authorities should the situation require.”
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