Universal Entertainment may pursue damages against former president

Universal Entertainment, the parent company of the Okada Manila casino resort in the Philippines, has announced that it has taken 'necessary measures’ to secure its ‘right to claim damages against’ Jun Fujimoto, who resigned as president in April.

Fujimoto stepped down following a Tokyo High Court ruling on a shareholder lawsuit from August 2019.
The court determined that Fujimoto caused Universal Entertainment to transfer nearly $43.5 million out of the company without reasonable necessity and without adhering to internal decision-making procedures, thus breaching his fiduciary duty or duty of loyalty as a director. The ruling stated he is also liable for compensation to Universal Entertainment.
Fujimoto, who was also the group’s chief executive, is now identified by the company as a director.
Universal Entertainment announced that it has taken necessary measures to ensure its right to claim damages against  Fujimoto is preserved in case the judgment becomes final and binding.
The company added that a task force has been established to ensure the preservation measures are properly implemented.

Bricks & Mortar Asia Gambling Okada Manila Universal Entertainment Corp. Latest news

Accelerating currency drop of renminbi pressures Macau tourism market
_2025-01-07UN report reveals growing presence of organized crime in pacific islands casino projects
_2025-01-06Macau GGR to grow 8% in 2025, backed by increasing travel spending: Goldman Sachs
_2025-01-03The overnight disappearance of 8XBet: a brand shrouded in controversy
_2025-01-02Macau’s gaming industry on track for strong 2025 kickoff: Citigroup
_2025-01-02China's president urges Macau to continue diversification drive away from gaming
_2024-12-20

Open in new window
View settings