Jun Fujimoto, representative director, president, CEO and chief information officer of Japan-based Universal Entertainment Corp., has exited those posts after the Tokyo High Court found he breached his fiduciary duty to the company, parent of Philippines integrated resort Okada Manila.
According to Inside Asian Gaming, the High Court overturned a 2022 district court judgment that found Fujimoto innocent of allegations by a shareholder that he transferred almost US$44 million to an external source without following proper procedures. The company did not release the name of the shareholder or the receiver of the funds.
A defamation claim by Universal against the shareholder was also denied by the High Court.
IAG reported that Fujimoto has previously tangled with Universal founder Kazuo Okada, whom he replaced as head of the company in 2017 after Okada’s ouster on misappropriation of funds.
In 2022, a group loyal to Okada stormed the Okada Manila integrated resort in the Philippine capital and occupied the property for three months before the Philippine Amusement and Gaming Corp. (PAGCOR) ordered their removal.
Okada still holds 46.38 percent of Okada Holdings Ltd., which owns almost 68 percent of Universal. Okada’s son, Tomohiro, holds a controlling 53.27 percent stake in Okada Holdings.
Following Fujimoto’s exit, Hajime Tokuda was named Universal’s new representative director and president, and Okada’s estranged wife Takako Okada was also added as a representative director.
Fujimoto is still listed as a director of the company.
