Tomohiro Okada to join Okada Manila backer Universal board

Aug 21, 2024 Newsdesk Japan, Latest News, Philippines, Top of the deck  

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Tomohiro Okada, a son of Kazuo Okada, the ousted founder of Japanese gaming conglomerate Universal Entertainment Ltd, has been proposed for election as a director of Universal Entertainment at an extraordinary shareholders’ meeting due on September 16.

The information was in a Tuesday announcement.

Mr Tomohiro Okada is already a director of privately-held Hong Kong firm Okada Holdings Ltd, which is the parent company of Universal Entertainment.

The latter group controls Tiger Resort, Leisure and Entertainment Inc (TRLEI), the promoter of the Okada Manila casino resort in the Philippine capital.

The Tuesday statement said the reason for seeking to add Mr Tomohiro Okada as a Universal director was to “strengthen the company’s business activities in Japan and overseas”.

The statement also confirmed that the September 16 meeting would see tabled a proposal for dismissal of Jun Fujimoto, a Universal Entertainment director, due to the Tokyo High Court ruling that he had “breached his fiducial duty or duty of loyalty as a director”.

That followed a shareholder suit of April 26 this year, claiming compensation for damages due to Mr Fujimoto’s alleged actions.

Mr Kazuo Okada has previously contested his ousting as chairman and as a director of Universal Entertainment. He has also previously contested – via the Philippine Supreme Court – who or what should control Okada Manila and TRLEI.

In November last year, the court ruled that Mr Kazuo Okada had been properly removed from TRLEI.

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