• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 24 May 2022
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Kazuo Okada loses final appeal against US$193,000 damages claim by Universal

Ben Blaschke by Ben Blaschke
Mon 20 Sep 2021 at 06:07
31
SHARES
770
VIEWS
Print Friendly, PDF & Email

The Tokyo Supreme Court has dismissed a final appeal by Kazuo Okada against a decision by the Tokyo District Court last year ordering him to pay damages of JPY21.3 million (US$193,000) for three alleged cases of fraudulent acts against his former company, Universal Entertainment Corp.

According to an update from Universal, the appeal was lodged by Okada in September 2020 after losing an initial appeal against a February 2020 ruling in which he was ordered to pay the damages, plus interest of 5% per annum backdated to 29 December 2017 and all litigation costs.

Universal, the Japanese pachinko manufacturer and parent company of Okada Manila operator Tiger Resort, Leisure and Entertainment Inc, first filed the suit on 27 November 2017 in response to an internal investigation that found Okada had committed three cases of fraudulent acts against the company.

Universal stated at the time it was seeking compensation from 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 three misconducts by Mr Okada.”

The three acts in question include a HK$135 million loan from Universal subsidiary Tiger Resort Asia Limited (TRA) to a third party in 2015, arranged by Okada, to obtain funds for his personal use and without imposing any interest charges; the unauthorized procurement of a check for HK$16 million from TRA; and changing the business entity that was 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.

Okada was removed as Universal Chairman and kicked off the board following a June 2017 shareholder vote in which his estranged wife Takako Okada and son Tomohiro Okada moved against him.

Universal said Friday that the Supreme Court’s ruling, dated 15 September 2021, was final. It also said a damages suit filed by Okada against Universal which claimed the company defamed him had been dismissed by the Tokyo High Court on the same day.

RelatedPosts

2021: Japan IR – Crunch time

Japan Casino Regulatory Commission taking public comments on licensing criteria

Mon 23 May 2022 at 05:48
Improved Okada Manila performance not enough to push Japan’s Universal Entertainment Corp back to profit in 2021

Okada Manila to fully recover to pre-pandemic levels by 2023: Fitch

Fri 20 May 2022 at 04:57
Two-day Japan IR Online Forum to start today

Japan welcomes over 100,000 visitors in April for first time since March 2020

Thu 19 May 2022 at 06:31
Improved Okada Manila performance not enough to push Japan’s Universal Entertainment Corp back to profit in 2021

Okada Manila backs 2017 removal of Kazuo Okada amid Philippines legal wrangle

Wed 18 May 2022 at 06:28
Load More
Tags: JapanKazuo OkadaTokyoTokyo Supreme CourtUniversal Entertainment Corp
Share12Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Oz Casinos: What now?

Editorial: Does the foreigner-only casino model work?

by Ben Blaschke
Thu 28 Apr 2022 at 15:28

The COVID-19 pandemic, along with the international border closures it forced, is one of a number of recent headwinds to...

Oz Casinos: What now?

Oz Casinos: What now?

by Ben Blaschke
Thu 28 Apr 2022 at 15:14

With three inquiries into Crown Resorts completed, a review into Star Entertainment Group underway and a litany of damning findings...

Off Track: AUSTRAC’s AML Failures

Off Track: AUSTRAC’s AML Failures

by Ben Blaschke
Thu 28 Apr 2022 at 13:16

Australia’s anti-money laundering watchdog has launched civil proceedings against Crown Resorts in what appears to be a reaction to its...

Locals Game

Locals Game

by Ben Blaschke
Thu 28 Apr 2022 at 13:05

IAG recently spoke with Shaun McCamley, former President at integrated resort The Grand Ho Tram Strip on Vietnam’s south-east coast,...

Related Posts

Class action launched against Star Entertainment Group

Star Entertainment Group names interim Chairman and CEO following latest boardroom casualty

by Ben Blaschke
Mon 23 May 2022 at 11:27

Australia’s Star Entertainment Group has named director Ben Heap as interim Chairman and Group Executive – Operations Geoff Hogg as interim CEO after Executive Chairman John O’Neill announced last week that he was stepping down. Both will take on their...

New problem gambling self-help app launched in Victoria

New problem gambling self-help app launched in Victoria

by Newsdesk
Mon 23 May 2022 at 11:21

The Victorian Responsible Gambling Foundation has unveiled a new app aimed at providing those experiencing gambling harm access to self-help. According to information released Monday, the “Reset” app – funded by a AU$200,000 (US$142,000) grant from the Victorian state government...

69 year-old food supplier in apparent suicide at Venetian Hotel resort loading dock

69 year-old food supplier in apparent suicide at Venetian Hotel resort loading dock

by Pierce Chan
Mon 23 May 2022 at 11:11

On Saturday afternoon (May 21), a suspected suicide was discovered in Macau's Cotai district. A 69-year-old man surnamed Lam was found hanged in the Venetian Hotel near the loading dock. Police have advised that the man was the owner of...

2021: Japan IR – Crunch time

Japan Casino Regulatory Commission taking public comments on licensing criteria

by Shintaro Kamimura
Mon 23 May 2022 at 05:48

The Japan Casino Regulatory Commission opened public comments on 19 May regarding screening standards for proceedings such as casino licensing based on the 2016 Act on Promotion of Development of Specified Complex Tourist Facilities Areas. Current screening criteria for casino...


Simple Play

IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • Contributors
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 日本語

No Result
View All Result
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About
  • 日本語

© 2005-2022
Inside Asian Gaming.
All rights reserved.