MANILA— Japanese pachinko tycoon Kazuo Okada on Tuesday said he had been detained briefly upon returning to the Philippines, over criminal charges related to his forceful takeover of a $3.3 billion gambling resort in May.
His arrest, over a complaint filed against him by an opponent for “grave coercion”, was made public by Okada, who was held on Oct. 17 after arriving from Japan but immediately posted bail, and his business rival’s camp.
Okada said he had returned to face the charge but would forge ahead with operating Okada Manila, the Philippines’ largest gambling resort, the latest in a cross-border corporate dispute that has led to two management takeovers.
“I have nothing to fear when I know I am standing on the right side of the law,” Okada said in a statement.
“In the end I will be able to prove that I am the rightful and beneficial owner of Okada Manila.”
Philippine representatives of Japan’s Universal Entertainment Corp 6425.T regained control of the integrated casino-resort in September, backed by an order from the gaming regulator.
Okada and his Filipino associates had in May taken over the property, removing officials backed by Universal.
The ousted officials, who filed a criminal complaint, called it an “illegal and violent” takeover, which Okada’s camp denies.
“We will continue to work with the law enforcement units to bring Kazuo Okada to justice,” said Kenshi Asano, director at the Universal-backed Tiger Resort Asia.
Okada was ousted from both boards of Universal and Okada Manila in 2017.
Okada Manila started operations late in 2016. With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is the biggest of four multibillion-dollar casino-resorts in the Philippine capital, which has one of Asia’s most freewheeling gaming industries.
—Reporting by Neil Jerome Morales; Editing by Martin Petty
