Ousted Tiger Resorts Chair sues former employers

The

okadainvestigation
former CEO of Tiger Resort Leisure and Entertainment Inc, Kazuo Okada has filed a lawsuit against his son, daughter, wife and former employers, Universal Entertainment Corp in an attempt to regain control of his business empire.

Okada Holdings Ltd, the Hong Kong company that is majority owner of Tokyo-listed gambling machine maker Universal Entertainment Corp is also listed as a defendant in the suit, however the reason for the filing of the lawsuit has yet to be confirmed.

The former executive told Reuters in an interview that he saw a lawsuit as the only way to get his son and daughter to the negotiating table after they took control of the board of Okada Holdings, saying: "Unless I sue there will be no opportunity to talk. The reality is I am in a losing position in terms of voting rights".

At present, Kazuo Okada controls 46.4 percent of Okada Holdings, while his son Tomohiro and daughter Hiromi own a combined 53 percent of the Hong Kong listed business. Okada’s wife Takako was recently reappointed to the board of Universal Entertainment Corp.

Okada was ousted from his post as chairman of the Tiger Resort Leisure and Entertainment Inc, following allegations of suspected “illegal activities” last month and Universal have confirmed that he will not be reappointed to the post.

It follows an ongoing investigation by Tiger’s parent company, Universal Entertainment Corp in which the company accuses Okada of a number of serious financial misappropriations involving funds totalling almost $200m, allegations which he strenuously denies.

Mr Okada said he viewed the investigation as an attempt by Universal President Jun Fujimoto to seize control, noting that he had handpicked Fujimoto to help lead the company, saying: "I made Fujimoto president. Now he wants to take over."

Universal declined to respond to Okada’s allegations, while Okada’s son Tomohiro, daughter Hiromi and wife Takako all declined to comment further.


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