MANILA, Philippines - Universal Entertainment Corp. of Japanese gambling tycoon Kazuo Okada is investigating alleged bribery committed by some of its officials in connection with the planned $2-billion mega-casino project in Manila Bay.
In a disclosure to the Japanese bourse, Universal said it has assigned a committee to investigate several employees involved in an alleged bribery case.
The committee has been tasked to look into the alleged “illegal flow of money totaling $40 million, which was done in violation of company regulations, without going through the corporate decision-making process, and was referred to by some as ‘a payment relating to the Philippine business’ and was conducted in a way that inflicted damage on the company.â€
In an initial report in June, Universal said some managers had disregarded or ignored the company’s regulations.
“Our company decided that it would be appropriate to seek a continued investigation by independent outside experts in order to move forward on preparations to pursue criminal liability charges such as fraud, breach of trust or misappropriation of funds, against those managers involved in the illegal acts,†Universal said.
Specifically, the committee aims to determine the responsibility of those involved in the $40-million payments, clarify whether those involved are legally liable, and formulate recommendations to prevent such events in the future.
Okada and former business partner Steve Wynn are in a bitter corporate feud, which started when the Japanese pachinko businessman questioned the $135-million donation pledged by Wynn Macau Ltd., a Macau subsidiary of Wynn Resorts in Macau.
Both businessmen continue to trade barbs, accusing each other of questionable payments to public officials in Asia including the Philippines.
Okada’s Tiger Resorts & Leisure Corp. earlier ended its partnership with Gokongwei-led Robinsons Land Corp. for the joint development of a $2-billion hotel and casino complex in the 100-hectare Entertainment City along Roxas Blvd.