Universal Claims Okada Arrest Will Have No Impact on Okada Manila

Universal Entertainment assured shareholders on Monday that the arrest warrant for Universal Entertainment founder Kazuo Okada will not affect its Philippines gaming operations.

Last week, a Parañaque court issued an arrest warrant for Okada in connection with charges that he embezzled more than US$3 million from his own company. The arrest warrant followed about a month after the Philippine Department of Justice recommended charges against Okada.

An arrest warrant was also issued for Takahiro Usui, the former president and chief operating officer of Okada Manila, who is accused of being Okada’s co-conspirator.

In a statement on Monday, Universal Entertainment distanced itself from Okada and Usui, noting that both Okada and Usui were dismissed of their posts on June 16, 2017.

“Moreover, Okada resigned from the post of Member of the Board of Directors of the Company on June 29 of the same year,” it added.

“As such, the facts surrounding this indictment of Okada and Usui and the issuance of a warrant for their arrest will have no impact whatsoever on the going concern of Okada Manila,” it wrote.

The company also said that there will be no impact on its acquisition of shares of Asiabest Group International by Tiger Resort Asia, or the associated takeover bid. (AGB)