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Family Rift Costs Japanese Casino Tycoon’s Board Seat at Okada Holdings

Family Rift Costs Japanese Casino Tycoon’s Board Seat at Okada Holdings

Okada family members assisted the Okada Holdings board oust Japanese billionaire Kazuo Okada from his part as being a manager, Reuters reported citing unnamed sources with knowledge of the problem.

Predicated on information from three split sources, the news agency unveiled that the family members rift between Mr. Okada and his loved ones culminated in his resignation from the Okada Holdings board back May.

Located in Hong Kong, Okada Holdings can be an investment car that, among other things, owns a 69% stake in Japanese pachinko device maker Universal Entertainment Corp., business Mr. Okada himself founded back in the 1960s.

According to Reuters’ sources, Mr. Okada’s son Tomohiro was one of many participants in the family conflict. It is believed which he disapproved highly of exactly how his father used Universal funds assigned to Okada Holdings. The cash might happen used for purchasing art pieces for Mr. Okada’s museum into the resort city of Hakone in Japan, paper writer sources revealed.

Mr. Okada is at present the shareholder that is largest in Okada Holdings, with a 46.4% stake. Having said that, their son currently holds a 43.5per cent stake into the investment business. And Mr. Okada’s daughter Hiromi has a 10% desire for the business. Together the siblings have the holding needed to eliminate anybody from the board.

Mr. Okada ended up being additionally taken off his Chairman post at Universal, following the recent announcement he had been under investigation for the allegedly incorrect transfer of HK$135 million from Universal subsidiary Tiger Resort Asia to an unnamed third party. Mr. Okada had been accused of expanding the mortgage without getting the necessary approval from fellow board people. In line with the findings of an report that is internal the greater portion of the above-mentioned amount ended up being utilized in Okada Holdings and personally benefited Mr. Okada.

The Universal board announced previous in June the visit of the Special Investigation Committee that will probe to the businessman that is japanese activities. Results from the probe were to be established by June 30. It had been later on confirmed that two more instances of incorrect transfer is examined. On Tuesday, June 27, Universal released a declaration, saying that offered the addition of this two brand new instances, Committee people have expected to get more time and energy to probe into the matter properly.

Mr. Okada had been additionally taken from the board of Universal’s Tiger Resort, Leisure, and Entertainment subsidiary after news about the investigation that is ongoing. Tiger Resort may be the business that currently operates Okada Manila, the $2.4-billion incorporated resort located in the heart for the capital that is philippine.