Universal Ent receives Okada report

Credits: Wall Street Journal
Credits: Wall Street Journal

The company received an investigative report commissioned to look into potential fraudulent acts by Kazuo Okada.

Japan.- Universal Entertainment revealed that it has received a complete version of the report that was commissioned to investigate the former chairman and director of the company Kazuo Okada over fraudulent acts. The publication is still not out as Universal is deciding whether to edit out the parts that could hurt the business.

The company revealed in a press release on Wednesday that discussions around the publication of the document are being carried out as officials are debating if they should edit out parts unfair for disclosure from the standpoint of protecting the business secrets of the company and its partners, as well as the privacy of individuals, as cited by GGRAsia.

Nevertheless, the release of the latest version of the report is being prepared by members of a special investigation that have no relation with officers and employees of Universal Entertainment.

Back in June, the company informed in a filing to the JASDAQ Securities Exchange that it had appointed a Special Investigation Committee to dig into the affair. The investigation crew is integrated by corporate auditors, Internal Audit Office members and independent external experts that analysed  the fraudulent money movements have been orchestrated by Okada and Yoshinao Negishi, the company’s Director.

Moreover, the founder of Universal decided to file a lawsuit in July in order o bring attention to the case and get his family to negotiate the control of the board of the Hong Kong company, which is the majority owner of Universal Entertainment Corp.

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Kazuo Okada universal entertainment