Universal Ent EGM to vote on dismissal of former president

Jul 17, 2024 Newsdesk Japan, Latest News, Top of the deck  

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Universal Entertainment Corp, the parent of the Okada Manila casino resort in the Philippines, has set an extraordinary general meeting (EGM) of shareholders “concerning the dismissal of Jun Fujimoto, a director of the company, from the board directors”.

The meeting is scheduled for September, according to a Tuesday announcement. The actual date will be disclosed at a later stage, Universal Entertainment said.

In June, the company said it had taken the “necessary measures” to ensure its “right to claim damages against” Mr Fujimoto, who resigned in April as president of the company.

The executive, who was also the group’s chief executive, remained in the firm as a director of the board.

Mr Fujimoto stepped down from his role as president following a ruling in the Tokyo High Court on a shareholder lawsuit dating back to August 2019.

The court found Mr Fujimoto had caused Universal Entertainment to transfer nearly US$43.5 million outside the company without reasonable necessity and without following internal decision-making procedures, thereby breaching his fiduciary duty or duty of loyalty as a director of the company. The ruling said he was also liable for compensation to Universal Entertainment.

According to a previous filing, Mr Fujimoto filed an appeal to the Supreme Court on May 9, against the judgment from the Tokyo High Court.

Universal Entertainment said in early June that it had “decided to take necessary measures” to ensure that its “right to claim damages against Mr Fujimoto will be preserved in case the judgment becomes final and binding as it stands”.

In April, Universal Entertainment appointed Hajime Tokuda as group president and a representative director; and Takako Okada as a representative director.

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