According to local media reports, Okada and his associate, Li Jian, have been held by the ICAC for conspiracy to defraud Okada Holdings of us$19.7 million, based on a complaint filed by Tiger Resort Asia Ltd.
TRA had accused Okada of releasing corporate funds as loans to Li Jian’s Goldluck Tech Ltd without demanding collateral and interest between February and March 2015. Okada then allegedly collected the loan payment for his own personal use and paid Li for his involvement in the scheme.
Okada is a former chairman of Universal Entertainment but had resigned from the post on June 29, 2017. In September 2017, Universal Entertainment Corp said it found Okada guilty of three separate fraudulent acts.
Earlier this year, Universal Entertainment filed civil and criminal complaints against Okada claiming its patent rights were violated and sought compensation.
The gaming mogul is also under investigation from the Philippines Department of Justice for US$10 million fraud charges filed against him.
Universal said it will render its full support and assistance to the ICAC and other law enforcement authorities should the situation require.
The company said Mr Okada had been released on bail.
Source: GMB
