• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 25 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Fujimoto steps down from Universal leadership roles after Tokyo High Court finds he breached fiducial duty on US$43.5 million money transfer

Ben Blaschke by Ben Blaschke
Sat 27 Apr 2024 at 09:29
Fujimoto steps down from Universal leadership roles after Tokyo High Court finds he breached fiducial duty on US$43.5 million money transfer

Jun Fujimoto

41
SHARES
1k
VIEWS
Print Friendly, PDF & Email

Jun Fujimoto, the Representative Director, President, CEO and CIO of Okada Manila parent firm Universal Entertainment Corp, has stepped down from most of those positions after the Tokyo High Court ruled he had breached his fiducial duty and was liable for almost US$43.5 million in compensation to the company.

According to details filed by Universal on Friday, the High Court ruling overturned a June 2022 decision by the Tokyo District Court which found Fujimoto innocent of allegations first filed in 2019. The case, brought by an unnamed shareholder of the company, alleged that Fujimoto caused the company to transfer US$43,497,204 to an external source without reasonable necessity and without following internal decision-making procedures, thereby breaching his fiduciary duty or duty of loyalty as a director of the company.

Universal did not name the shareholder nor the destination of the funds in its announcements on Friday but said it would carefully examine the court’s decision before determining its next course of action. The company had, it added, filed a claim for damages against the shareholder for defamation of the company’s reputation, but this claim was also denied by the High Court.

Fujimoto has in recent years been embroiled in various legal battles with Universal’s founder Kazuo Okada, who he displaced as head of the company in 2017 after an internal investigation found Mr Okada had misappropriated company funds. In 2022, a group representing Mr Okada stormed Okada Manila and took control for a period of three months before Philippine gaming regulator PAGCOR ordered their removal.

Mr Okada holds 46.38% of the voting rights of the group’s ultimate parent firm Okada Holdings Ltd, which in turn owns 67.90% of Universal. Mr Okada’s son, Tomohiro, holds a controlling 53.27% stake in Okada Holdings Ltd.

Both Fujimoto and Mr Okada were the targets in a similar lawsuit from shareholder Tsuyoshi Hosoba in 2015, which alleged they and other Universal directors at the time had breached their fiduciary duties on various matters, including US$40 million in payments from affiliates of Universal to a Philippine consultant working on the Okada Manila integrated resort project. That lawsuit ultimately proved successful.

Fujimoto’s decision to step down on Friday has seen Hajime Tokuda named Universal’s new Representative Director and President, while Mr Okada’s estranged wife Takako Okada has also been named a Representative Director.

Fujimoto is still listed as a Director of the company.

UPDATE: An earlier version of this article claimed that Fujimoto was liable to pay US$4.35 million to the company. This has since been updated to US$43.5 million after Universal issued a correction notice to its original filing.

RelatedPosts

Improved Okada Manila performance not enough to push Japan’s Universal Entertainment Corp back to profit in 2021

Japan’s Universal falls to US$69 million loss in 1H25 on Okada Manila underperformance

Sun 10 Aug 2025 at 12:56
Rising tide

Byron Yip to depart as Okada Manila President and COO, replaced by Universal’s Nobuki Sato

Thu 7 Aug 2025 at 13:25
Konami reveals strong growth for Gaming and Systems segment despite group-wide declines in 1H20

Konami’s Gaming & Systems suffers decline in in June quarter profits on competitive environment, rising tariff costs

Fri 1 Aug 2025 at 05:44
In the crosshairs

Fitch: No clear near-term recovery path for Philippines integrated resort Okada Manila

Wed 30 Jul 2025 at 06:08
Load More
Tags: JapanJun FujimotoOkada ManilaTokyo High CourtUniversal Entertainment Corp
Share16Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Pacific puzzle

Team King completes acquisition of Saipan casino assets but IPI ownership links linger

by Newsdesk
Mon 25 Aug 2025 at 05:33

Team King Investment (CNMI) LLC, a recently incorporated company which in February won a bid to acquire the casino assets of Imperial Pacific International, has officially closed the deal and taken ownership. According to local media outlet Marianas Variety, the...

More reasons to visit Clark

Hann postpones US$207 million IPO due to poor market conditions

by Ben Blaschke
Sun 24 Aug 2025 at 11:19

The holding company of Clark’s Hann Casino Resort has postponed an initial public offering that had been planned to take place in September, according to a report by Bloomberg. The delay is due to global uncertainties that have heavily impacted...

Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

by Pierce Chan
Sun 24 Aug 2025 at 08:30

Driven by the summer holiday travel peak season, Macau’s total visitor arrivals in July increased by 14.5% year-on-year and 19.6% month-on-month, reaching 3,458,366 and recovering to 97.9% of the level achieved in July 2019. Visitors from mainland China remained the...

Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

by Pierce Chan
Sun 24 Aug 2025 at 08:26

The Macau government has revealed that the NAPE food and cultural creativity market, held from 15 August, generated MOP$200,000 (US$25,000) in sales in its first four days. The festival is part of a series of events planned by the government...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English