Kazuo Okada Files Lawsuit against Family to Regain Control of Empire

Kazuo OkadaJapanese gaming tycoon Kazuo Okada sues family in an endeavour to gain control of his company known as Okada Holdings. It is a parent company of Universal Entertainment. The gaming empire built by Kazuo Okada is under threat and Okada is trying his level best by pursuing legal recourse to regain control of his empires.

Universal is a primary slot, pachinko and casino equipment manufacturing company in the region and Okada owns 67.9% stake in it. The Board of Universal Entertainment removed Okada from its member group in June on allegations of financial irregularities. There is no information available on the lawsuit filed by Okada.

Okada is the owner of 46.4% stakes in Okada Holdings while his daughter, son and wife hold 53% and make them the owner of the company. In a meeting held in May 2017, the family members seized control of the Okada Holdings.

In a report submitted by Reuters, Okada mentions that he had no option other than to sue his family to bring them to the negotiating table. It has been more than two years since he has seen his son Tomohiro and the whereabouts of his daughter Hiromi is unknown. Okada believes that his son has gone against him because Tomohiro thinks that he had not been paid proper dividends against his stake.

Okada is speculating that the lawsuit will help him by reaching a negotiating settlement through the judge between him and his family. Okada believes that his removal from the Board of Directors was inappropriate. He further said that he was shocked and flummoxed while hearing the news of his ouster on May 18. He additionally quoted that he was notified by the Board of Universal Entertainment only on 23rd of May for his investigations on the grounds of financial irregularities.

In a filing made with Tokyo Stock Exchange, Jun Fujimoto who is the President of Universal Entertainment said that there are valid reasons that prove the involvement of Okada in irregular transactions worth $15 million in 2015 for personal gain. Okada says that investigation is an excuse on the part of Fujimoto for taking control of his company. According to a local news report, Fujimoto was seen commenting over the incapability of Okada and being unfit for being the director of the company.

Okada has denied all the allegations levied against him. He said that the transactions done in 2015 were a director’s loan taken to expand junket operations for a new casino in the Philippines known as Okada Manila. Universal has not commented on these assertions made by Okada. The company stated that it would make further disclosures on this issue in its next filing once the internal investigations against Okada are completed.

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