Scientific Game

Universal files damage suit against Kazuo Okada

Sunday, 03 December 2017 07:23
Visit us

Japanese gaming powerhouse Universal Entertainment Corporation has filed a suit for damages against its founder and former Chairman Kazuo Okada with the Tokyo District Court.

In an announcement on its website, Universal said it filed the suit on 27 November following a finding by a Special Investigation Committee earlier this year that Okada had allegedly committed three cases of fraudulent acts against the company.

It also plans to file a damage lawsuit against Okada in Hong Kong through its subsidiary, Tiger Resort Asia Limited (TRA).

“With the lawsuit, the company has made a claim for compensation against Mr Okada for a part of the damage suffered by the company due to his negligence of duty as a board member of the company in connection with the following three misconducts by Mr Okada,” it said.

“In this regard, the majority of the damage caused to the company group as a result of the fraudulent acts is attributed to Tiger Resort Asia Limited (TRA) a wholly owned Hong Kong subsidiary of the company. TRA plans to file a separate suit against Mr Okada in Hong Kong for compensation of such damage.

“Therefore, the scope of the claim of the company against Mr Okada in the lawsuit is limited to the damage directly suffered by the company without any involvement of TRA (the amount equivalent to the investigation cost of the Special Investigation Committee).”

The three alleged acts include a HK$135 million loan from TRA to a third party in 2015, arranged by Okada, to obtain funds for his personal use and without imposing ay interest charges; the unauthorized procurement of a check for HK$16 million from TRA; and changing the business entity purchasing land for an integrated resort in Korea from TRA subsidiary UE Korea to his own wholly-owned company, Okada Holdings Korea Co Ltd for his personal gain. Okada Holdings subsequently borrowed US$80 million for purchase of the land using UE Korea’s money as collateral, then charged UE Korea a US$173,562 management consultancy fee which was equivalent to the interest fee for the loan.


What's new

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Friday, 25 May 2018 06:54

Macau May GGR in line for high-teen growth

Macau May GGR in line for high-teen growth Macau is on track to report a year-on-year GGR increase of between 17% and 19% in May, say analysts, after rebounding strongly from the Labor Day holiday weekend. According to JP Morgan’s DS Kim, mass market is leading the way with growth of more than 20% year-on-year while VIP GGR is tracking in... Friday, 25 May 2018 06:36

PAGCOR says officials safe after Duterte gambling comments

PAGCOR says officials safe after Duterte gambling comments Philippines gaming regulator PAGCOR says that its leaders are safe following reports this week that a number of high-ranking gaming officials were set to be fired by President Rodrigo Duterte. PAGCOR was quick to absolve itself of any link to comments made by Duterte after he asked two ranking offi... Friday, 25 May 2018 05:43

Genting Berhad sees 10% growth in 1Q18 on Malaysia, Singapore IRs

Genting Berhad sees 10% growth in 1Q18 on Malaysia, Singapore IRs Genting Berhad saw its revenue grow 10% to RM5.3 billion for the three months to 31 March 2018, boosted by its leisure and hospitality segment and in particular strong results at its flagship integrated resorts in Malaysia and Singapore. Malaysia’s Resorts World Genting (RWG) enjoyed the biggest ... Friday, 25 May 2018 04:59

Current Issue

Macau and Japan: Licensing looms large

Macau and Japan: Licensing looms large The next few years are set to be the most crucial period ever in the Asian gaming industry – one which will lay the ground rules for decades to come in the world’s largest gaming market and what’s set to become the world’s second largest. By Ben Blaschke and Andrew W Scott Macau and Japan ... Monday, 30 April 2018 12:39

Pachinko: Japan's Unlucky Loser

Pachinko: Japan's Unlucky Loser Japan’s preparations for integrated resorts are hitting pachinko harder than the actual casinos ever will. By Muhammad Cohen Japan won’t open its first integrated resort for years, if ever, but the IRs already have their first loser, the country’s unique and ubiquitous pachinko business. Pac... Monday, 30 April 2018 12:33

Responsible Gaming in Japan: Bill to be key to Japan’s Gaming Market

Responsible Gaming in Japan: Bill to be key to Japan’s Gaming Market Global Market Advisors’ Brendan D Bussman runs through the pros and cons of Japan’s problem gambling legislation. By Brendan D Bussmann As Japan continues to look at the development of integrated resorts (IR), many people engaged and following the market are focused on the IR Implementation Bi... Monday, 30 April 2018 12:28

Safety First

Safety First The International Association of Gaming Advisors (IAGA) will hold its 37th annual International Gaming Summit during G2E Asia from 14 to 16 May at Four Seasons Macao. Among the many insightful seminars and events that will comprise IAGA’s summit is a responsible gaming workshop to be held on Wedne... Monday, 30 April 2018 12:12