Embattled Japanese gaming tycoon Kazuo Okada has been dealt yet another legal licking inward his ongoing combat with Universal Entertainment Corporation.
Universal, a gaming empire founded past Okada inward 1969, says the Tokyo Supreme Court finally week ruled inwards its favour inwards upholding II get down homage decisions.
The Japanese capital District Court inward Feb of 2020 ordered Okada to pay off Universal JPY21.3 million (US$194,623) inward damages for threesome alleged fraudulent acts committed past the at present 78-year-old. The Edo High Margaret Court upheld the District Court’s determination a year agone this month.
With the Supreme Court also siding with the plaintiff, Universal says Okada has fatigued his sound appeals.
With this decision, the judicial decision fully recognizing the claims of the Company has been finalized,” a Universal financial statement declared.
Universal is a gambling casino operator and gaming manufacturer. The publicly traded firmly owns and operates Okada Manila inward the Philippines, and is a leading maker of pachinko games and expansion slot machines end-to-end Asia.
Okada Demise
Once 1 of Asia’s most powerful gaming magnates, Kazuo Okada was accused by Universal of committing iii fraudulent acts spell leading the organization.
Universal alleges that Okada issued a US$17.3 trillion interest-free loan from a society subsidiary to himself inwards Mar of 2015. The monetary resource were said to live used to purchase nontextual matter for his private collection.
Universal claims that inwards May of that same year, Okada instructed companionship finance employees to slashed him a US$2 billion check into for unspecified reasons. The gaming troupe lastly contends that Okada in person changed the business organization entity that was purchasing soil for a gambling casino development in South Korean Peninsula from a Universal subsidiary to a society he of late formed and in person owned called Okada Holdings Han-Gook Co. Ltd.
As a result of the alleged fraudulent acts and a subsequent investigation, Universal in June of 2017 voted to withdraw Okada from the companion he founded. Among the gameboard members who backed his ousting as chairman of the room was Okada’s have son, Tomohiro Okada.
Okada’s estranged married woman Takako Okada was another Universal gameboard fellow member who backed his forcible removal. Along with the nearly $200,000 in damages, Okada must wrap up royal court and sound costs for all parties involved.
Okada, Wynn Exits Similar
Kazuo Okada has defended his Universal actions in the years since his departure from the company. He believes his former wife orchestrated a malignment cause to have him ingloriously forced out.
In Mar of 2019, Okada launched a YouTube pageboy with videos of him urging Universal insiders to aid him expose the alleged graft. In I such video, Okada mimics Benedict Arnold Schwarzenegger’s Terminator character past claiming, “I’ll live back.”
Okada’s lot was partly derived from being an betimes investor inward Wynn Resorts. Okada held a 20 percent stake in the Las Vegas cassino companion until Steve Wynn disassociated from the Nipponese businessman in 2008. That’s after claims of Okada bribing officials inward the Republic of the Philippines to earn licensure for his capital of the Philippines gambling casino were exposed.
Ironically, both Okada and Wynn find fault their former wives for their falls from grace.
Okada believes his ex-wife, Takako Okada, masterminded the allegations that led to his leave from the planetary gaming industry. Steve Wynn has stated that his former wife, Elaine Wynn, was in arrears the sexual misconduct allegations that forced his departure from his namesake company.