A court ruling in Japan has blocked Japanese casino magnate Kazuo Okada from returning to the boards of companies he founded, including Universal Entertainment Corp. and the unit that controls the Okada Manila casino resort in the Philippines.
According to a press release issued by Okada Manila, on July 14, Tokyo District Court upheld a trust agreement that allows Okada’s son Tomohiro to control his sister Hiromi’s voting rights in Hong Kong-registered private company Okada Holdings Ltd. for 30 years. That effectively bars the 77-year-old entrepreneur from seeking those roles for that period.
In 2017, Okada was removed from the board of Universal Entertainment after being accused of “three acts of fraudulence” including transferring company funds to personal accounts. He has steadfastly denied any wrongdoing.
