August 6, 2018 / 6:30 AM / 12 days ago

Japan's Universal says former chairman Okada arrested in Hong Kong

TOKYO (Reuters) - Japanese gaming group Universal Entertainment Corp (6425.T) said on Monday its former chairman Kazuo Okada was arrested in Hong Kong by the territory’s Independent Commission Against Corruption in relation to multiple corruption-related offences.

FILE PHOTO: Universal Entertainment Corp's founder Kazuo Okada attends a news conference at the Tokyo District Court in Tokyo, Japan September 14, 2017. REUTERS/Issei Kato

Okada is on bail, said the company, which makes pin-ball style “pachinko” machines and operates a casino in the Philippines.

The Japanese billionaire lost his board position at Universal last year after it accused him of misappropriating $20 million. Okada has previously denied this. He was also ousted as a director of Hong Kong investment company Okada Holdings, which controls Universal.

Attempts to reach Okada by phone went unanswered. The Independent Commission Against Corruption declined to comment, saying it does not discuss individual cases.

Universal shares closed 5.6 percent lower after the news, which was released minutes before the market closed. The benchmark Nikkei 225 average .N225 ended little changed from its previous close.

Reporting by Ritsuko Ando; Editing by Chang-Ran Kim and Neil Fullick

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