Universal Entertainment Corporation has issued a statement confirming the Tokyo High Court has dismissed an appeal from Kazuo Okada, the company’s founder.
Previously, the Tokyo District Court ordered Okada to pay JPY21.3m ($193,000) in damages for three separate cases of fraudulent acts.
In the statement, the company said the courts recognised the fraudulent acts were conducted under Okada and “also acknowledged that Mr Okada breached both his duty of care of a good manager and his fiduciary duty of loyalty as a director of the company, and accepted all claims of the company.”
The Tokyo High Court not only upheld the decision from the District Court, according to Inside Asian Gaming, Okada will also need to “pay interest of 5% per annum backdated to 29 December 2017 plus all litigation costs.”
Universal and its subsidiary Tiger Resort Asia sought damages from Okada because he allegedly transferred company resources to personal accounts.
Okada was removed as Universal chairman in June 2017, and the first case was filed in November of the same year.
The three cases are built around an HKD135m loan that Tiger Resort granted to a third party, HKD16m that was acquired from Tiger Resort without authorisation and purchase of land meant for an IR for personal gain.