LAS VEGAS, NEVADA – 05/20/2019 – Casino mogul Kazuo Okada and Tiger Resort Leisure and Entertainment Inc. (TRLEI) chief operating officer Takahiro Usui vowed to exhaust all legal remedies after the Paranaque City Regional Trial Court Branch 257 upheld the issuance of warrants of arrests against them.
Earlier, Okada and Usui filed a Motion to Quash or Recall Warrants of Arrest before the Paranaque RTC 257 on January 7, 2019 in connection with the three counts of estafa filed by TRLEI against them, which they vehemently denied.
However, the RTC denied their motion on May 6, 2019, despite the evidence submitted by Okada and Usui, including documents establishing that TRLEI duly authorized the disbursements of around $3 million to Okada as compensation.
Okada and Usui contend that it was impossible for them to commit estafa, especially for Okada who was effectively in full control of the company when the alleged payments happened on April 30, May 9 and 30, 2017.
Also, Okada and Usui maintained that the Court and TRLEI recognized Mr. Okada’s valuable contributions and services as Chairman and CEO, and his salaries and fees were even processed, approved and signed by the proper officers of TRLEI, the operator of Okada Manila.
Mr. Okada firmly believes he had the sole right to authorize or ratify matters pertaining to TRLEI, including the compensation of the corporation’s directors which was determined by the corporation’s stockholders according to company law. In short, Mr. Okada argues that he had the power to authorize the payment of compensation to directors. That power was given to him by the Board of Directors of UEC, as Mr. Okada is responsible for the investment of more than US$2 billion in Okada Manila, which bears his name.
It is therefore far-fetched to believe that Mr. Okada could or would defraud, or conspire to defraud, his own company for US$3 million.
Mr. Okada and Mr. Usui will vigorously defend themselves against these baseless accusations and shall continue to avail themselves of legal remedies by first filing a Motion for Reconsideration, and if it is denied, a Petition for Certiorari with the Court of Appeals of the Philippines.