Kazuo Okada was briefly detained in the Philippines for coercion related to his occupation of okadamanila.
The arrest boosted Universal’s shares on optimism the company may have the upper hand in the long-running dispute between Okada and the firm he used to run.
Okada said he was detained upon returning to the Philippines, but was immediately released after posting bail on Monday. Tokyo-listed Universal Entertainment said separately that Okada was arrested at the Manila airport after he landed from Japan. Okada and his associates are accused of alleged coercion when his men physically took over the Okada Manila resort on May 31 after the Philippine Supreme Court reinstated him as chairman of the casino’s Philippine operator.
Okada’s arrest on Monday is the latest twist in the corporate dispute at pachinko-slot operator Universal Entertainment, which the tycoon founded. He was ousted from the company in 2017 on suspicion of misappropriating funds. The departure sparked a tug-of-war on who will manage Universal’s casino in the Philippines, an integrated resort called Okada Manila.
Okada was ordered by a Manila trial court to hear the charges against him later this month, Universal Entertainment said in a statement. In a statement, Okada, who is still in the Philippines, said he will be able to prove that he’s the rightful and beneficial owner of Okada Manila. He called the arrest a “brief inconvenience.”“I am confident that the legal process within the Philippine courts system will vindicate us in all the cases filed against me and my business associates.
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