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 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 right here in 2004 with his former bestie, Steve 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 had been relieved as chairman of Universal Entertainment Corp., the company he founded that controls both Philippine casinos.
‘As a result of the current 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 had been removed as chairman of the board.’
‘Serious Violation of Governance’
The possible fraud was uncovered earlier this month and Okada was 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 deal, Universal hired three external experts to do business with an a