ICAC Releases Mr. Okada from Bail Without any Conditions Whatsoever
LAS VEGAS, NEVADA – On Friday, February 22, 2019, Hong Kong’s Independent Commission Against Corruption (“ICAC”) resolved that Mr. Okada be released from bail without any conditions. He is no longer required to report to the ICAC and his bail money was returned to him without any conditions whatsoever.
Mr. Okada was arrested by the ICAC in August of 2018 as the result of Universal Entertainment Corporation (“UEC”) and its senior executives making statements to the ICAC. He was detained based on ICAC’s authority granted under the ICAC Ordinance, which allows for an arrest even during the pendency of an investigation. Mr. Okada argues such statements are false, misleading, and malicious charges that were lodged with the intent to destroy Mr. Okada’s reputation and break up his family.
It is worth noting that UEC was quick to issue a press release announcing Mr. Okada’s arrest, but has made no announcement of Mr. Okada’s release from bail without any conditions. These actions reflect a pattern of repeated attempts to discredit Mr. Okada.
In stark contrast, Mr. Okada, confident in his innocence, presented himself voluntarily to the ICAC as early as July 2018 to answer questions related to allegations against him concerning loans made by Tiger Resort Asia Limited (“TRAL”) to a casino junket operator. The loans in question allegedly occurred between February and March 2015. At that time, Mr. Okada was the sole officer and representative director of TRAL and had complete authority and acted within his rights to make the loan. Significantly, documents also show that UEC in fact, despite its disavowal, “irrevocably agreed” and thus confirmed this loan. To make these allegations this years later, despite having agreed with the actions in question raises a lot of questions.
Despite the experience and the negative publicity generated by this event, Mr. Okada saw this matter with the ICAC as an opportunity to set the record straight regarding the false and malicious allegations made by UEC. The decision that he be released from bail without any conditions is a significant step in that direction.