Friday, April 12, 2024 - Login

Kazuo Okada ordered to pay almost US$200,000 in damages to Universal

Universal Entertainment issued a statement on Wednesday revealing that it has won its damages suit against its former Chairman Kazuo Okada, and that he has been ordered by the court to pay an amount totalling nearly US$200,000.

The damages suit was originally filed in November 2017 and the Tokyo District Court rendered its verdict last week.

“The judgment acknowledges that the fraudulent acts were conducted under the order of Mr. Okada, as well as that Mr. Okada breached both his duty of care of a good manager and his fiduciary duty of loyalty as a director of the company,” the Universal statement explained.

The fraudulent acts in question concerned various financial transactions made by Okada in which he is suspected of transferring company funds to accounts controlled by himself.

Okada was removed as leader by Universal in June 2017 after his estranged wife Takako Okada and his two children turned against him.

Okada has not yet issued any statement in regard to the latest court verdict.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

Contact us

PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264

Asia Gaming Brief