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Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Montag, März 16th, 2020

Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Japanese slots maker and gaming magnate Kazuo Okada was eliminated as president from Manila’s Okada Casino in the Philippines on Monday. It was the position that is second 73-year-old billionaire has lost in as numerous weeks, after allegations that he improperly transferred $17.3 million from chichi casino Tiger Resorts Asia in March of 2015 to Okada Holdings.

Kazuo Okada (left, seen right here in 2004 with their former bestie, Steve Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, being an investigation into an allegedly improper $17.3 million transfer continues in that country.

Fourteen days prior, he had been relieved as chairman of Universal Entertainment Corp., the ongoing company he founded that controls both Philippine casinos.

‘As a consequence of the recent actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by the meeting that is organizational of board,’ stated the casino’s press launch. ‘Mr. Kazuo Okada had been removed as chairman of the board.’

‘Serious Breach of Governance’

The fraud that is potential uncovered earlier this month and Okada had been asked for an explanation as to why $17.3 million was taken from Tiger Resorts Asia and put in a company controlled by Okada and his son. When he could not satisfactorily justify the transaction, Universal hired three extern (mehr …)