Japanese gaming supplier Universal Entertainment Corporation has denied a recent report suggesting that Kazuo Okada has been reinstalled as a director of Okada Holdings Ltd, its parent company.
“Upon verifying the situation with Makoto Takada and Atsunobu Ishida, whom the company understands to be registered as directors of OHL, the company received the response that Mr. Okada has not in fact legally acquired and maintained majority voting rights in OHL… nor has he been installed as a representative or director of OHL,” said the company in a JASDAQ filing.
The Reuters article in question, titled: “Exclusive - Billionaire founder fights back for control of Japan’s Universal”, also suggested that Okada had lawfully demanded that the company convene an extraordinary shareholder’s meeting.
Universal Entertainment said that it “has not in fact received a legal, valid demand to convene an extraordinary shareholders’ meeting from Mr. Okada,” adding that “the report has no basis in fact.”
Earlier this month, Universal Entertainment Corp said it had completed its third-party investigation into the alleged “fraudulent acts” conducted by Mr. Okada between 2013 and 2015, which found him to be guilty of three separate fraudulent acts.
The company on Friday said it has “sincerely and solemnly” accepted the investigative report, adding it will formulate and execute the measures suggested by the Committee.
Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.
ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264