Universal Entertainment Corporation issued a statement on Friday announcing that the Tokyo High Court has dismissed its founder Kazuo Okada’s latest appeal against the company.
According to the statement, “the Tokyo District Court, acknowledging that the fraudulent acts were conducted under the order of Mr. Okada, also acknowledged 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, and accepted all claims of the company.”
Universal and its subsidiary Tiger Resort Asia have been seeking damages from Okada on claims that he fraudulently transferred company resources to personal accounts.
Okada was appealing against a February verdict which ordered him to pay nearly US$200,000 to his former company.
Okada was removed as the leader of Universal in June 2017 and the damages suit was originally that November.
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