Universal Entertainment former director Kazuo Okada found guilty of fraudulent acts

nase slot machines manufacturer Universal Entertainment has revealed that the company’s former Chairman and Director Kazuo Okada has been found guilty of 'fraudulent acts'.

The final report, released earlier this week by Universal Entertainments special investigation committee, found the gaming mogul to be guilty of three separate illicit actions between 2013 and 2015. The first of these pertains to Okada’s alleged misuse of a Universal Entertainment subsidiary named Universal Entertainment Korea Co Ltd to create a property interest in a US$80-million land financing in a deal involving Okada’s wholly owned company Okada Holdings Ltd and an as yet unnamed financial institution.

The second alleged illegal activity occurred in May 2015 when Okada withdrew US$16 million from a Tiger Resort Asia bank account using on a bearer cheque, which he is alleged to have issued by himself. In the last fraudulent act, Universal Entertainment’s former director instructed a person in charge of Tiger Resort to check in US$2 million for personal use.

“The act by Mr. Okada of making UE Korea carry out the Provision of Collateral can be evaluated as Mr. Okada breaching his duty as a director of the company and UE Korea for the purpose of facilitating the gain of Okada Holdings, and by extension himself, and as causing economic losses of UE Korea,” read in the commissioned report.

Following the statement, Universal Entertainment said it will proceed to examine measures to take against Mr. Okada, who had been removed from his post as chairman of the Tiger Resort Leisure and Entertainment Inc earlier this summer.

The company also announced that it will formulate and execute concrete measures to prevent any recurrence of acts such as those committed by Okada.