• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 10 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Two more cases of alleged fraud uncovered as Kazuo Okada removed from Universal board

Ben Blaschke by Ben Blaschke
Mon 19 Jun 2017 at 22:41
Print Friendly, PDF & Email

A Special Investigation Committee established by Universal Entertainment Corporation last week to investigate an alleged act of fraud involving its Chairman Kazuo Okada has uncovered two more cases of alleged illegal activity.

In a progress report on the investigation released late Monday, Universal revealed “that there is a suspicion that Mr Okada has been involved in yet another two cases of illegal activities separately from the [original] conduct and the Committee decided to subject them to the investigation.”

The first of these originated from a US$80 million bank loan granted to Okada Holdings Ltd – a company entirely owned by Mr Okada and his relatives of which Mr Okada was the only director at the time – in February 2014 for the purchase of land in Korea. Mr Okada then created a security for US$80 million held by Universal Entertainment Korea Co – a wholly-owned sub-subsidiary of Universal Entertainment Corp – at the same financial institution that granted the loan. By the time that security interest was cancelled the following month, Universal Entertainment Korea had already paid US$170,000 in interest that should have been paid by Okada Holdings Limited.

The second case, in May 2015, saw Mr Okada issue a bearer check to the amount of HK$16 million from a bank account under the name of Tiger Resort Asia Limited, a Hong Kong subsidiary of Universal Entertainment Group. Three days later Mr Okada withdrew HK$16 million from a Tiger Resort Asia Limited account based on this check.

“As the series of actions leading up to the withdrawal of the funds described above have been done without necessary internal procedures of the Company, there is a suspicion that they constitute a serious violation of governance,” Universal said.

“The Special Investigation Committee is determined to investigate into these new suspicions in order to clarify the whole picture and to formulate measures to prevent reoccurrence and the Company will continue to provide full cooperation for the investigation by the Special Investigation Committee.”

The Special Investigation Committee had originally been given a 30 June deadline to file its interim report after it was revealed that Mr Okada and Mr Yoshinao Negishi, Director and Head of the Management Division, were suspected of possible fraudulent acts. The original case involved the transfer of around HK$135 million on 20 March 2015 from Tiger Resort Asia Ltd to a third party. HK$130 million was then transferred to Okada Holdings Ltd with the purpose of achieving “personal benefit for Chairman Okada.”

That transfer was uncovered earlier this year by Universal Entertainment’s corporate auditor Mr Nobuyoshi Ichikura and resulted in Mr Okada and Mr Negishi being suspended from all company duties. Mr Okada was removed from the board on Friday.

RelatedPosts

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

Thu 10 Jul 2025 at 06:22
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Citi: Macau industry EBITDA likely to have grown by 3% in 2Q25

Thu 10 Jul 2025 at 05:46
Thailand’s casino bill officially on hold after House votes to remove it from agenda

Thailand’s casino bill officially on hold after House votes to remove it from agenda

Thu 10 Jul 2025 at 05:42
Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

Wed 9 Jul 2025 at 19:46
Load More
Share1Share
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

by Newsdesk
Thu 10 Jul 2025 at 06:22

Century Entertainment International Holdings Ltd has announced the formation of a joint venture with Philippines-based World Platinum Technologies Inc (WPT) with the goal of conducting research, development, marketing and sales of WPT’s gaming system platforms and related content in the...

Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Citi: Macau industry EBITDA likely to have grown by 3% in 2Q25

by Ben Blaschke
Thu 10 Jul 2025 at 05:46

Investment bank Citigroup believes the 8% year-on-year growth in gaming revenues generated by Macau’s casino operators in the June quarter will translate to 3% industry EBITDA growth – somewhat tempered by an unfavorable revenue mix due to a rebound in...

Thailand’s casino bill officially on hold after House votes to remove it from agenda

Thailand’s casino bill officially on hold after House votes to remove it from agenda

by Ben Blaschke
Thu 10 Jul 2025 at 05:42

Thailand’s controversial casino bill is officially off the House agenda after members voted in favor of its withdrawal on Wednesday. Local media outlet The Nation reported that the vote took place after two hours of debate, with 253 votes in...

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

by Pierce Chan
Wed 9 Jul 2025 at 19:46

Around 90% of the middle and senior staff of Macau’s six concessionaires are now local employees, the government has revealed. According to information made public by Secretary for Economy and Finance Tai Kin Ip during a plenary session of the...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English