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

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

Japanese slots maker and gaming Kazuo that is magnate Okada eliminated as president 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 many 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 here in 2004 with his bestie that is former Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, as an investigation into an allegedly improper $17.3 million transfer continues in that country.

Fourteen days prior, he had been relieved as chairman of Universal Entertainment Corp., the company he founded that settings both Philippine casinos.

‘As a consequence of the present actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by the organizational meeting regarding the board,’ stated the casino’s press release. ‘Mr. Kazuo Okada had been eliminated as chairman of the board.’

‘Serious Breach of Governance’

The possible fraud was uncovered earlier this thirty days and Okada ended up being 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 exter (more…)

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