Skip to comments.Japanese pachinko billionaire Okada faces anti-dummy charges in the Philippines
Posted on 07/15/2013 7:52:06 PM PDT by TexGrill
Japanese billionaire Kazuo Okada, owner of hotels and casinos business Universal Entertainment and one of the biggest stakeholders in Japans infamous pachinko industry, will be facing charges in the Philippines over the creation of alleged dummy corporations to facilitate approvals for a multi-billion dollar casino project in the Manila Bay area.
The issue stems from an ambitious project by the Philippine Amusement and Gaming Corp that includes reclaiming parts of Manila Bay to build a multi-casino complex meant to put the Philippines in the Asian gambling map. Okadas Universal Entertainment was one of the 4 outfits that received approvals and licenses under former Philippine gaming chief Ephraim Genuino to operate casino-entertainment projects. Okadas group had already planned a US$2 billion Manila Bay Resorts project within the area, but a slight constitutional issue must be dealt with. The Philippine Constitution prohibits foreigners from owning land in the country, or even owning over 40% in an entity that owns a land. The law also prohibits foreigners from intervening in the management, operation, administration, or control of any nationalized activity.
(Excerpt) Read more at japandailypress.com ...
Anti-dummy charges? Good thing they don’t charge people with that crime in Washington.
Can you count on GOPers in Congress to pass such an anti-dummy law? Not when Obummer is in the White House. They’re too busy helping gay foreigners obtain their US citizenship, just ask Rubio, he’s leading the charge. He’s got Linda Graham helping him out.
So who is now going to fill Japan’s need for dummies?
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