Jun Fujimoto resigns as Universal Entertainment president

Jun Fujimoto has stepped down after a high court ruling.

The Philippines.- Universal Entertainment Corporation has reported through a company filing that Jun Fujimoto has resigned from the position of representative director and president. The decision follows a ruling by the Tokyo High Court regarding a shareholder lawsuit dating back to August 26, 2019.

The court found Fujimoto guilty of causing the company to transfer nearly US$43.5m outside the company without adequate justification and without adhering to internal decision-making protocols. This action was deemed a breach of Fujimoto’s fiduciary duty or duty of loyalty as a director of the company. The court ruled that Fujimoto is liable for compensation to Universal Entertainment.

Following Fujimoto’s resignation, an extraordinary meeting of the board appointed Hajime Tokuda as the new group president and representative director. Takako Okada was appointed as a representative director.

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