Universal Ent denies Okada’s claims

Credits: Wall Street Journal
Credits: Wall Street Journal

The company denied Okada’s claims that he had taken back control of the company Okada Holdings.

Japan.- Universal Entertainment has reportedly denied the rumors that its former chairman Kazuo Okada had taken back control of the company Okada Holdings. The slot machine operator found Okada guilty earlier this month after the results of an investigation were revealed.

Universal Ent also said that they “sincerely” accept the results of the final report of the investigation that 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. The report said that Okada didn’t ask for permission or consulted the Board of Directors before executing the loan. 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.

Late last week rumors emerged that he had reinstalled himself as director of the parent company after his daughter gave him her blessings to do so, but Universal Ent quickly dismissed those claims. “Mr Okada has not in fact legally acquired and maintained majority voting rights in OHL, including proxies to exercise voting rights in place of OHL shareholders, nor has he been reinstalled as a ‘representative’ or ‘director’ of OHL,” said the company.

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Kazuo Okada universal entertainment