Counterpoint
By Alvin Capino
Manila Standard Today
By Alvin Capino
Manila Standard Today
Perhaps “afraid” is not the best adjective to describe the people and groups behind what appears to be an orchestrated and well-funded attack against billionaire Japanese casino magnate Kazuo Okada, chairman of Universal Entertainment Corp.
It would seem that the all-out demolition campaign against Okada is being made not so much because the people behind are afraid of Okada but because they want to destroy his credibility in order to derail his $2.5-billion casino and entertainment center project in the Philippine Amusement and Gaming Corp. (Pagcor) Entertainment City.
Okada’s Tiger Resort Leisure and Entertainment Inc. is one of the four groups that obtained a license to operate a casino in Pagcor’s Entertainment City.
Underscoring the intensity of the anti-Okada campaign is the fact that two simultaneous investigations are being conducted at the House of Representatives on allegations of bribery of millions of dollars by Okada to former Pagcor consultant Rodolfo Soriano, who is identified with ex-Pagcor chairman Efraim Genuino.
Two simultaneous probes at the House of Representatives for the same issue is rare if not unprecedented but what is even more bewildering is that the Senate, at the initiative of Sen. Koko Pimentel, is also making a separate investigation of the same alleged Okada bribery issue.
A parallel probe had to be conducted because Okada bashers were unhappy with the initial results of the investigation conducted by the House Committee on Games and Amusement chaired by Rep. Amado Bagatsing.
During the hearing, Masahiro Terada, general manager of Okada’s Tiger Resort Leisure and Entertainment, testified that the $5-million payment to Soriano was unauthorized. It was payment for a project of the Okada group in the Subic Freeport and not in Pagcor’s Entertainment City.
Terada disclosed that Okada had filed charges against three of his employees before a Tokyo court because of this. On the reported additional $10 million to Soriano, Terada said this payment also unauthorized and was stopped. The check intended for Soriano was cancelled.
Bagatsing noted that it would appear that the $5 million alleged bribery issue is nothing but a hatchet job against Okada being orchestrated by Okada’s former partner and now bitter enemy Steve Wynn of Wynn Resorts.
Okada used to be largest shareholder in Wynn Resorts until the forced redemption of the Japanese billionaire’s $2.7 billion stake in the company.
Pagcor’s Entertainment City poses a threat to Wynn which operates one of the biggest casinos in Macau.
Bagatsing said that it was highly unlikely that the $5 million alleged payment to Soriano has anything to do with the Okada project in Pagcor’s Entertainment City since Okada obtained his license to operate the casino in Entertainment City in August, 2008 while the alleged bribery happened in 2010 or two years after.
Unhappy with how the Bagatsing committee’s investigation is turning out, Okada bashers have apparently convinced the Committee on Good Government chaired by Rep. Jerry Treñas to conduct a parallel probe on the alleged Soriano bribery issue with the alleged amount now going up to $30 million.
The Committee on Good Government is actually acting on a two-year-old resolution filed by Representatives Teddy Casiño and Neri Colmenares for a probe of “various multi-million anomalies” during the Arroyo Administration.
For reasons we can only speculate on, re-electionist Sen. Koko Pimentel announced that the Senate Committee on Games and Amusement which he chairs would also conduct an investigation into the alleged Soriano bribery.
He did not explain why he has decided to conduct his own investigation when the matter is already being probed not by one but by two committees in the House of Representatives.
Steve Wynn of course is the most likely suspect as the one behind the Okada demolition. But we would not be surprised if incumbent Pagcor chairman and CEO Cristino Naguiat is supporting the Okada bashing effort surreptitiously.
We have already seen that strong commitment to ethical business behavior is not a strong suit of Naguiat who had allowed his family to use Pagcor-owned vehicles, driven by Pagcor-salaried employees and using Pagcor-paid gasoline for personal use.
Naguiat had also been exposed as the beneficiary of lavish entertainment by Okada when he and his wife and other officials had meetings with Okada and his people in Macau. The $110,000 entertainment expense by Okada for Naguiat and company in fact triggered an investigation which is still ongoing by the Nevada Gaming Commission.
The present Pagcor management, in fact, has already publicly expressed support for the probe of the alleged Soriano bribery and in fact announced that if the allegations of bribery are proven, then Okada’s casino license in Pagcor’s Entertainment City might be cancelled.
There was also news that at least four groups are interested in taking over the Okada license. This means there would be new rounds of negotiations with Naguiat and incumbent Pagcor officials. Such a prospect would make Naguiat happy.
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