In Japan and a district court has reportedly rejected an appeal from Kazuo Okada (pictured) that is effectively set to keep the embattled former casino magnate from ever again gaining a seat on the board at Universal Entertainment Corporation.
According to a report from Inside Asian Gaming, the 77-year-old businessman previously served as Chairman for Universal Entertainment Corporation with a place on its board but he was unceremoniously sacked in June of 2017 following the emergence of allegations tied to the illicit transfer of company funds. Although the billionaire has continually maintained his innocence, the claims purportedly moreover led to him losing his analogous position at the gaming machine giant’s majority shareholder, Okada Holdings Limited.
Family fight:
Inside Asian Gaming reported that Okada’s estranged son, Tomohiro, subsequently capitalized on this instability by getting his similarly-alienated sister, Hiromi, to sign over voting rights attached to her own 9.78% stake in Okada Holdings Limited. The source detailed that this 30-year trust agreement had effectively handed the 52-year-old recipient a controlling 53.26% interest that will allow him to bar his father from returning to the Hong Kong-headquartered firm’s board until at least May of 2047.
Surprise settlement:
However, it was reported that Okada’s disaffected daughter later unexpectedly reconciled with her father amid claims that she had been tricked into signing away the voting rights attached to her stake in Okada Holding Limited. Tomohiro purportedly reacted to the prospect of losing control over his father’s company by successfully obtaining a decision from a Tokyo court that validated the earlier trust agreement.
Futile filing:
Okada then countered by initiating an official appeal with the Tokyo District Court that sought to have this earlier endorsement cancelled. But the court purportedly threw out the septuagenarian’s legal plea on July 14 to essentially give control over Okada Holdings Limited and Universal Entertainment Limited to Tomohiro Okada for at least the next 27 years.
Compound concerns:
Formerly known as Aruze Corporation, Tokyo-based Universal Entertainment Corporation is responsible via its Tiger Resort Leisure and Entertainment Incorporated vehicle for the 993-room Okada Manila integrated casino resort. The firm is currently furthermore involved in a lawsuit that is seeking a $620 million judgment against the senior Okada for the alleged mismanagement of the construction budget for the giant Philippines property.
Reportedly read a statement from Universal Entertainment Corporation…
“The Tokyo High Court had also previously rejected another petition by the defendant, making the Tokyo High Court decision final and binding.”