LAWYERS of Japanese gambling magnate Kazuo Okada has asked the Department of Justice to reconsider its earlier resolution indicting him and a former associate of estafa worth $3.15 million.
In their 14-page motion for reconsideration filed before the DOJ, the lawyers said the $3.15 million received by the magnate was for his salary during April and May 2017 and consultancy fee for 2017 as CEO of Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila.
Tiger Resort, which operates the $2-billion Okada Manila integrated hotel and casino in Entertainment City, filed an estafa through misappropriation case against Okada, then the CEO of the company; and Takahiro Usui, then the COO, arguing they received the amount in trust and his compensation was not authorized.
“Further, Mr. Okada indisputably owns 34.41-percent beneficial interest in complainant [Tiger Resort]. He has tirelessly worked on the Okada Manila project full-time since 2011, and everything about it bears his imprint,” the motion filed by Blanco and Esguerra Law Office stated.
“Okada has been responsible for the investment of more than $2 billion in Okada Manila, which even bears his name, and has been instrumental in bringing every facet of the development to fruition. These facts certainly belie any intent on the part of Mr. Okada to defraud, or conspire to defraud, complainant Tiger Resort for a measly $3.15 million,” it added.
Okada claimed that Tiger Resort’s vice president for legal and compliance department was the one who prepared, finalized or at least approved the agreements before they were signed by Usui.
In his motion, Okada said the DOJ erred in reversing an earlier dismissal order by the Parañaque City Prosecutor’s Office dated May 11. The casino mogul also moved that the filing of information against them be deferred.
“From the foregoing, it is clear there is no probable cause to indict respondents for the crime of estafa. There is no proof of misappropriation or unlawful receipt of moneys in this case, much less evidence of overt acts indicative of conspiracy between respondents,” Okada said.
Tiger Asia Ltd., which owns Tiger Resort, is trying to backdoor list at the Philippine Stock Exchange through Asiabest Group International Inc. At the same time, Okada is trying to regain his position of ownership in the holding company that owns most of his assets.
The Securities and Exchange Commission has earlier directed Tiger Resort, to submit an amended tender offer report that discloses “factual information” on the conflict between the Okada family that led to the filing of civil and criminal cases against each other in Hong Kong.
Okada Holdings controls Hong Kong-based Tiger Resort, which is trying to do a backdoor listing for about P646.5 million. Some controlling holders of Asiabest, comprising about 200 million shares, have sold their ownership for P3.23 per share. As a result, Tiger Resort needed to offer to buy the remaining shares of the listed firm that currently has no operations.