Securities Exchange probes accounting of Universal's Philippine payments

By Nathan Layne

Crime ( 1 )

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  • -1

    wanderlust

    No mention of Okada's Azure USA Inc, which is also being investigated in the Philippines. Doesn't seem to be much difference between a bad loan, a bribe and a consulting fee. However the amount being investigated in the Philippine is closer to US$40Million.

    The deals in the casino world get murkier and murkier, Soriano was a lobbyist from gambling to the Arroyo government. The payments were reportedly made months before former Philippine President Gloria Macapagal-Arroyo and her husband, Jose Miguel, stepped down from office in July 2010. The former president exempted Universal Entertainment from paying a corporate tax in March 2010, leaving the casino liable only for a 23.5% gaming tax.

    An earlier report on the travels and gifts of the Okada firms to the current PAGCOR officials were shrugged off by the Aquino government as mere "industry practice."

    It really doesn't sound so different to Japanese business practices!

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