• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 10 July 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
  • 中文
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
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Tomohiro Okada, son of founder Kazuo Okada, set to become director of Okada Manila parent Universal

Ben Blaschke by Ben Blaschke
Wed 21 Aug 2024 at 06:13
120
SHARES
3k
VIEWS
Print Friendly, PDF & Email

Universal Entertainment Corp has announced plans to dismiss its former President and CEO Jun Fujimoto as a director and appoint in his place Tomohiro Okada – the son of company founder Kazuo Okada and controlling shareholder of the group.

The company on Tuesday called an Extraordinary General Shareholders’ Meeting, to be held on 19 September, at which time it will vote on both matters.

Fujimoto was found by the Tokyo High Court in April to have breached his fiducial duty or duty of loyalty as a director of the company by causing it to transfer US$43,497,204 to an external source without reasonable necessity and without following internal decision-making procedures. He has since stepped down from his active roles while Universal has stated it may pursue damages equivalent to the full amount of almost US$43.5 million.

In a Tuesday filing, Universal stated its decision that “it is appropriate to dismiss Mr Jun Fujimoto from his position as a director of the company in order to ensure thorough compliance and maintain a sound governance of the company.”

Shareholders will vote on Fujimoto’s dismissal at the EGM but also on the appointment of Tomohiro, whose father was dismissed from Universal in similar circumstances in 2017. Tomohiro, who fell out with his father long before his 2017 ouster, holds a controlling 53.27% stake in Universal’s parent Okada Holdings Ltd with Kazuo Okada holding the majority of the rest.

Outlining the reasons for Tomohiro’s appointment, Universal said, “In order to further strengthen the company’s business activities in Japan and overseas, the company proposes to increase the number of directors by one and to appoint Mr Tomohiro Okada … as a director.”

The group’s leadership has proven a messy affair in recent years, with Fujimoto himself instrumental in the removal of Kazuo Okada before displaced him as head of the company in 2017.

Both Fujimoto and Okada were also the targets of a 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.

Universal controls Okada Manila via its Philippines subsidiary Tiger Resort, Leisure and Entertainment Inc.

RelatedPosts

Internet casino in Tokyo’s Shinjuku shut down

Japan asks eight countries to block its citizens from gambling on online sites

Wed 18 Jun 2025 at 07:00
Levo Chan now largest single Macau Legend shareholder as David Chow sells down stake

Melinda Chan steps down from Board of Directors of Macau Legend

Mon 16 Jun 2025 at 06:32
In the crosshairs

S&P Global downgrades Universal Entertainment Corp as low Philippines visitation, increased casino competition hinders Okada Manila recovery

Wed 11 Jun 2025 at 05:25

Sega Sammy chairman Hajime Satomi named in Japan’s Top 50 rich list

Tue 3 Jun 2025 at 12:04
Load More
Tags: directorJapanJun FujimotoKazuo OkadaOkada HoldingsOkada ManilaTomohiro OkadaUniversal Entertainment Corp
Share48Share8
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

by Newsdesk
Thu 10 Jul 2025 at 06:22

Century Entertainment International Holdings Ltd has announced the formation of a joint venture with Philippines-based World Platinum Technologies Inc (WPT) with the goal of conducting research, development, marketing and sales of WPT’s gaming system platforms and related content in the...

Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Citi: Macau industry EBITDA likely to have grown by 3% in 2Q25

by Ben Blaschke
Thu 10 Jul 2025 at 05:46

Investment bank Citigroup believes the 8% year-on-year growth in gaming revenues generated by Macau’s casino operators in the June quarter will translate to 3% industry EBITDA growth – somewhat tempered by an unfavorable revenue mix due to a rebound in...

Thailand’s casino bill officially on hold after House votes to remove it from agenda

Thailand’s casino bill officially on hold after House votes to remove it from agenda

by Ben Blaschke
Thu 10 Jul 2025 at 05:42

Thailand’s controversial casino bill is officially off the House agenda after members voted in favor of its withdrawal on Wednesday. Local media outlet The Nation reported that the vote took place after two hours of debate, with 253 votes in...

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

by Pierce Chan
Wed 9 Jul 2025 at 19:46

Around 90% of the middle and senior staff of Macau’s six concessionaires are now local employees, the government has revealed. According to information made public by Secretary for Economy and Finance Tai Kin Ip during a plenary session of the...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

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

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
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English