After recently being replaced as Chairman for Universal Entertainment Corporation and its casino-operating Tiger Resort, Leisure and Entertainment Incorporated subsidiary, Japanese businessman Kazuo Okada has reportedly filed a lawsuit against his son, daughter and wife in an attempt to regain control of a key part of his sprawling business empire.
According to a report from the Reuters news service, 74-year-old Okada is suing son Tomohiro and daughter Hiromi along with wife Takako in an attempt to protect his 46.4% stake in Okada Holdings Limited, which is the Hong Kong-based parent of Universal Entertainment Corporation.
“Unless I sue there will be no opportunity to talk,” septuagenarian Okada told Reuters before revealing that his son and daughter control a combined 53% stake in Universal Entertainment Corporation. “The reality is I am in a losing position in terms of voting rights.”
Okada reportedly explained that he had not seen his son in two years and does not know his daughter’s current whereabouts while stating that he could not forgive his 43-year-old wife for last week agreeing to be reappointed to the board of Tokyo-based Universal Entertainment Corporation where she is to look after the firm’s art museum and serve as an overseas business advisor.
Universal Entertainment Corporation is a manufacturer of pachinko, slot machine and arcade games while Tiger Resort, Leisure and Entertainment Incorporated is responsible for the giant Okada Manila integrated casino resort in the Philippines. The billionaire entrepreneur reportedly declared that he hoped his lawsuit filed with the Hong Kong High Court would prompt a judge to order his family members to negotiate a settlement that would restore him to his former position at Okada Holdings Limited.
Okada reportedly stated that Tomohiro had turned against him due to allegations that the son was not being paid dividends commensurate with his 43.5% stake in Okada Holdings Limited. He additionally proclaimed that he was confident of reconciling with Hiromi so long as he could get her brother to work towards a settlement.
Osaka-listed Universal Entertainment Corporation reportedly took the decision to replace Okada after launching an investigation into allegations that he had been involved in the transfer of just over $17.93 million from Tiger Resort, Leisure and Entertainment Incorporated to a “third party” without first going through the “proper internal decision-making process.” It was subsequently alleged that the businessman may have been connected to two additional instances of “illegal activities” that involved the movement of approximately $2.22 million with all of these claims now being investigated by a three-member “special investigation committee consisting of external experts.”
Okada reportedly described these allegations as “nonsense” before asserting that one of the transactions in question was a loan not due until November that was being used to expand junket operations at the Okada Manila facility.
“That contract is still active [and] there is no problem,” Okada told Reuters.
He stated that he viewed the entire matter as an attempt by Jun Fujimoto, President for Universal Entertainment Corporation, to seize overall control with the 59-year-old recently authoring a private letter to shareholders in which he wrote that Okada was “unfit to be in management of a public company.”
“I made Fujimoto president [and] now he wants to take over,” Okada told the news service.