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 Kazuo that is magnate Okada eliminated as president from Manila’s Okada Casino within 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 here in 2004 with their former bestie, Steve Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, being 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 settings both Philippine casinos.

‘As a result of the present actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by the organizational conference regarding the board,’ stated the casino’s press launch. ‘Mr. Kazuo Okada ended up being eliminated as chairman of the board.’

‘Serious Violation of Governance’

The possible fraud was uncovered earlier this thirty days and Okada had been asked for an 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 hire Continue reading “Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer”