Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Japanese slots maker and gaming magnate Kazuo Okada had been removed as chairman from Manila’s Okada Casino in the Philippines on Monday. It was the position that is second 73-year-old billionaire has lost in as many weeks, after allegations that he improperly transferred $17.3 million from chichi casino Tiger Resorts Asia in March of 2015 to Okada Holdings.

Kazuo Okada (left, seen right here in 2004 with his bestie that is former Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, as an investigation into a presumably improper $17.3 million transfer continues in that country.

Fourteen days prior, he ended up being relieved as president of Universal Entertainment Corp., the ongoing company he founded that controls both Philippine casinos.

‘As due to the recent actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by an organizational conference of this board,’ stated the casino’s press release. ‘Mr. Kazuo Okada ended up being eliminated as chairman of the board.’

‘Serious Violation of Governance’

The fraud that is potential uncovered earlier this month and Okada ended up being asked for the explanation as to why $17.3 million was taken from Tiger Resorts Asia and put in a company controlled by Okada and his son. When he could not satisfactorily justify the deal, Universal hired three exteContinue reading