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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 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 right here in 2004 with his bestie that is former Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, being an research into an allegedly improper $17.3 million transfer continues in that country.

A couple of weeks prior, he had been relieved as president of Universal Entertainment Corp., the company he founded that settings both Philippine casinos.

‘As a result of the current actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by the organizational conference associated with board,’ stated the casino’s press release. ‘Mr. Kazuo Okada was 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 managed by Okada and his son. When he could not satisfactorily justify the transaction, Universal hired three external experts t 继续阅读Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer