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Universal denies Okada's return


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.

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