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Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer



Japanese slots maker and gaming magnate Kazuo Okada ended up being removed as chairman from Manila’s Okada Casino into the Philippines on Monday. It was the position that is second 73-year-old billionaire has lost in as numerous 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 right here in 2004 with their bestie that is former Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, as an research into a presumably improper $17.3 million transfer continues in that country.

Two weeks prior, he ended up being relieved as president of Universal Entertainment Corp., the company he founded that controls both Philippine casinos.

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

‘Serious Violation of Governance’

The fraud that is potential uncovered earlier this month 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 transaction, Universal hired three extern 继续阅读