Universal Ent finds Kazuo Okada guilty

universal ent okada

Credits: Wall Street Journal

The slot machine operator found Okada guilty as it said that the third-party investigation was completed.

Japan.- After Universal Entertainment revealed that it would release the latest version of the report commissioned to look into potential fraudulent acts by former chairman and director of the company Kazuo Okada, it has now reported that the magnate was found guilty.

The final report of the investigation was released earlier this week and establishes that Okada is guilty of three fraudulent acts: the first happened between February and March 2015 when Okada instructed Tiger Resort Asia Limited to loan US$17 million with no interest to a company linked to him and his inner circle, and the funds were used for personal use, AGBrief reported. The report said that Okada didn’t ask for permission or consulted the Board of Directors before executing the loan.

Moreover, the second act happened in May 2015, in which he instructed a person in charge of the Tiger resort to check in US$2 million for personal use. The last fraudulent act is related to the casino project in South Korea, where he borrowed US$80 million through Okada Holdings by providing deposits belonging to Universal Entertainment Korea as collateral. The director and general manager of the company said that the move would be illegal, but Okada still decide to proceed.

“The act by Mr. Okada of making UE Korea carry out the Provision of Collateral can be evaluated as Mr. Okada breaching his duty as a director of the company and UE Korea for the purpose of facilitating the gain of Okada Holdings, and by extension himself, and as causing economic losses of UE Korea,” said the report. The company still has to announce what measures will be taken against the former chairman.