Jun Fujimoto resigned as president and representative director of Universal Entertainment Corp, the parent company of the Okada Manila casino resort in the Philippines. The decision comes after the Tokyo High Court issued a ruling on a shareholder lawsuit dating back to August 26, 2019.
Universal Entertainment announced on Friday that the court had found Fujimoto responsible for transferring nearly US$43.5 million outside the company without proper authorization, breaching his fiduciary duty as a director. He was also ordered to compensate Universal according to the court’s decision.
A previous ruling by the Tokyo District Court on June 30, 2022, had rejected the claim, stating that the company had followed necessary procedures. However, the plaintiff appealed to the Tokyo High Court, which subsequently issued a new judgment.
Following an extraordinary board meeting on Friday, Hajime Tokuda was appointed as the new group president and representative director, while Takako Okada was named as a representative director. Fujimoto, who previously served as the group’s chief executive, will now be identified solely as a director.
In May 2019, Kazuo Okada, the founder of Universal Entertainment, accused Fujimoto of conspiring to remove him from Tiger Resort, Leisure and Entertainment Inc, the company’s unit that controls Okada Manila. Okada was ousted as chairman of Universal Entertainment in June 2017 and removed from office at Tiger Resort the same month.
Okada Manila also offers online gaming to their members along with the land based casino and integrated resort located in Entertainment City.