Tomohiro Okada, son of ousted founder Kazuo Okada, will stand for election as a director of Universal Entertainment Ltd at an extraordinary shareholders’ meeting scheduled for September 16. Universal Entertainment announced this plan on Tuesday.
Tomohiro Okada currently serves as a director of Okada Holdings Ltd, a privately-held Hong Kong firm. Okada Holdings Ltd acts as the parent company of Universal Entertainment.
In addition, Universal Entertainment controls Tiger Resort, Leisure and Entertainment Inc. (TRLEI), which operates Okada Manila casino resort in the Philippine capital.
The company’s Tuesday statement explained that the proposal to add Tomohiro Okada as a Universal director aims to strengthen the company’s business activities in Japan and overseas. This move marks a strategic effort to boost the company’s growth.
Furthermore, the statement confirmed that the September 16 meeting will include a proposal to dismiss Jun Fujimoto, a Universal Entertainment director. The proposal follows a Tokyo High Court ruling that found Fujimoto breached his fiduciary duty and duty of loyalty as a director.
This action results from a shareholder lawsuit filed on April 26 seeking compensation for damages allegedly caused by Fujimoto’s actions.
Kazuo Okada previously contested his removal as chairman and director of Universal Entertainment. He also challenged, through the Philippine Supreme Court, the control of Okada Manila and TRLEI.
However, in November last year, the court ruled that Universal had properly removed Kazuo Okada from TRLEI. This ruling resolved part of the long-standing dispute over the company’s leadership.
Despite Kazuo Okada’s removal, the nomination of his son Tomohiro suggests that the family still intends to influence Universal Entertainment’s future. As the shareholders’ meeting approaches, stakeholders and industry watchers will closely observe the outcome.
