GGRAsia – Universal Ent Says Founder Okada’s Appeal for Damages Denied
Universal Ent Says Founder Okada’s Appeal for Damages Denied
Casino investor Universal Entertainment Corp said in a file in Jasdaq on Friday that the Supreme Court of Japan had dismissed a final appeal from businessman Kazuo Okada (file photo) regarding a case heard by the High Tokyo court against its former president.
According to the record, the Supreme Court chose – in its decision of September 15 – not to pursue the case as regards its role as the final appellate court.
The record showed that Mr. Okada had previously challenged and appealed a judgment rendered by the Tokyo District Court on February 13, 2020, which accepted all of the claims Universal Entertainment had made as the plaintiff.
At that time, Universal Entertainment said in a filing that Mr. Okada was required to pay nearly JPY21.3 million – approximately US $ 194,000 at current exchange rates – in damages to Universal Entertainment, the conglomerate he founded but of which he was ousted in 2017.
The payment was said to have been used to cover the costs of a special investigation launched by the group before his ouster, which ruled that he was engaged in “three acts of fraud” with regard to the accounts of the company concerning certain payments that he has ordered should be made by entities of the group.
Universal Entertainment had brought an action for damages against Mr. Okada on the grounds that he had breached his duty of care to be a “good manager” and his “fiduciary duty of loyalty” as a director of the company.
His appeal against the Tokyo District Court ruling was dismissed in September 2020 by the Tokyo High Court.
According to the latest filing, the costs of the final appeal and the petition will be borne by the petitioner and the petitioner, i.e. on Mr. Okada’s side.
The latest filing also showed that on September 15, the Tokyo High Court dismissed Mr. Okada’s appeal over a libel claim he had brought against his former company.
The entrepreneur had claimed that Universal Entertainment had defamed him by investigating him and publicizing his allegations of fraudulent acts committed by him.
Universal Entertainment controls through a subsidiary – Tiger Resort, Leisure and Entertainment Inc – the Okada Manila casino complex in the Philippine capital, Manila.
The harm that Universal Entertainment claimed to have suffered in connection with fraudulent acts was related to a Hong Kong registered entity called Tiger Resort Asia Ltd, which Universal Entertainment described as a wholly owned subsidiary.