Daughter says she was duped by Okada’s opponents
Kazuo Okada, the billionaire founder of Japan’s Universal Entertainment, is still fighting to regain control of the company that showed him the door in June. Okada founded the firm a half-century ago, went on to make a fortune in the pachinko industry, then grew Universal into a global gaming and hospitality enterprise.
His plans for the company’s future ended last June when he was ousted as chairman by opponents who included his own children. Along with Universal executives led by President Jun Fujimoto, Hiromi and Tomohiro Okada accused their father of misappropriation of company funds for his personal use.
Today, according to the Asia Times, the businessman cannot even enter Okada Manila, the integrated resort in the Philippines that bears his name.
“I was rudely disrupted and sent away from my dreams,” Okada told the Times. “But my intention is to make my way back and to fulfill my dreams.” That attempt may be helped by Hiromi Okada, who has recanted her contention that he misused company funds and now counts herself among his supporters.
“I only recently learned that the documents I signed were not what I intended,” said Hiromi, who joined her father for the Times sit-down. “I had no idea they could be used to drive my father out.”
Her support could be the turning point: Okada owns 46 percent of Okada Holdings, and adding Hiromi’s 10 percent to Okada’s gives him a controlling stake. Son Tomohiro owns 43 percent. The father and daughter have filed four legal actions in Hong Kong that, if successful, would enable Okada to wrest back control of Okada Holdings and therefore Universal.
“I have no choice,” Okada said. “I have to get my company back to get my reputation back.”
Based on a special investigation, the Universal hierarchy continues to insist that Okada’s financial misdeeds cost the company an estimated US$20 million. It is suing Okada in the Philippines and Japan and taking action against Aruze Gaming America, a U.S. casino machine manufacturer that is 100 percent owned by Okada. Last summer, Hong Kong’s Independent Commission against Corruption summoned Okada for questioning based on a complaint from Okada Holdings’ new directors.
“What they’re doing, including using government channels like the ICAC, is unfathomable to me,” Okada said. “They are doing everything they can to ruin my reputation, to make it look like I’m a criminal.”
He claims the initial probe was “an absolute sham.”
