Japanese gaming tycoon Kazuo Okada was briefly detained in the Philippines for coercion related to his occupation of a Manila casino owned by Universal Entertainment. 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.