Universal Entertainment issued a statement on Wednesday revealing that it has won its damages suit against its former Chairman Kazuo Okada, and that he has been ordered by the court to pay an amount totalling nearly US$200,000.
The damages suit was originally filed in November 2017 and the Tokyo District Court rendered its verdict last week.
“The judgment acknowledges that the fraudulent acts were conducted under the order of Mr. Okada, as well as that Mr. Okada breached both his duty of care of a good manager and his fiduciary duty of loyalty as a director of the company,” the Universal statement explained.
The fraudulent acts in question concerned various financial transactions made by Okada in which he is suspected of transferring company funds to accounts controlled by himself.
Okada was removed as leader by Universal in June 2017 after his estranged wife Takako Okada and his two children turned against him.
Okada has not yet issued any statement in regard to the latest court verdict.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
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China lottery company 500.com said Zhaofu Tian has resigned as Chief Technology Officer due to personal reasons, effective December 31. The company has no plan to appoint a successor at this point.
Analysts have turned more upbeat about the prospects for Malaysia’s gambling operators, despite a recent upswing in new Covid-19 cases, saying the sector is good value as stocks are still down between 15 to 26 percent on the prior year.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
