A court ruling in Japan effectively blocks Japanese entrepreneur Kazuo Okada (pictured in a file photo) from returning to the board of either Universal Entertainment Corp, or the subsidiary that controls the Okada Manila casino resort, for up to 30 years, claimed a press release issued on Wednesday by the resort.
Mr Okada is currently 77 years old, according to available biographical information.
The businessman has had a long-standing legal battle – including litigation against immediate family members – to regain control of Universal Entertainment and associated businesses.
According to Okada Manila’s announcement, the Tokyo District Court ruled on July 14 to uphold a trust agreement under which Tomohiro Okada, son of the veteran entrepreneur, was able to control his own sister’s voting rights in Hong Kong-registered private company Okada Holdings Ltd. The release said the validity of the trust agreement as upheld by the Tokyo court, spanned 30 years.
Under the agreement, Mr Kazuo Okada’s daughter Hiromi Okada assented to vote her stock alongside that of her brother Tomohiro Okada, effectively giving the latter control over the Universal Entertainment empire via Okada Holdings.
It was not clear from the press release issued by Okada Manila, what influence the Tokyo court’s decision has in practical terms over the administration of a Hong Kong-registered company.
According to information provided in February 2019 by lawyers representing Mr Kazuo Okada, his daughter – described as having had a reconciliation with her father – had also sued via the Hong Kong court system to invalidate the trust agreement.
In 2017 Mr Kazuo Okada was removed from the board of Universal Entertainment, after being accused by the firm’s management of “three acts of fraudulence” outlined in what the company said was an independently-commissioned investigation. He has denied wrongdoing.
In July 2017 it was reported that Mr Kazuo Okada had filed a lawsuit in Hong Kong against his wife, son, and daughter, in an attempt to regain control of Okada Holdings. The latter firm has previously been described as controlling a majority stake in Universal Entertainment.
Oct 30, 2020The Civil Aviation Authority of Singapore announced on Thursday that the city-state is easing somewhat its inbound-visitor restrictions for travellers, in respect to people from mainland China and...
Oct 29, 2020
”Month-to-date [in October], we are encouraged that our properties have crossed property-EBITDA break-even levels, led by the recovery in the premium segments”
Chief executive and president of MGM Resorts