Universal Entertainment Corp announced a major leadership change after the Tokyo High Court held former president Jun Fujimoto accountable for transferring nearly US$43.5 million without proper authorization. The court ruled that Fujimoto breached his fiduciary duties and ordered him to compensate the company.
The decision stems from a shareholder lawsuit filed on August 26, 2019. Although the Tokyo District Court initially rejected the claim in June 2022, the plaintiff appealed. As a result, the High Court reversed the earlier ruling, emphasizing that the company had not followed the appropriate internal procedures under Fujimoto’s watch.
Following the verdict, Universal Entertainment’s board held an emergency meeting on Friday. The board appointed Hajime Tokuda as the new president and representative director. Additionally, the board named Takako Okada as a representative director. Fujimoto, previously the group’s chief executive, now serves only as a director.
This leadership shift comes amid lingering tensions within the organization. In May 2019, company founder Kazuo Okada accused Fujimoto of conspiring to oust him from Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila. Universal removed Okada from all positions in 2017, citing governance issues.
Despite internal shakeups, Okada Manila continues to operate its land-based casino and integrated resort in Entertainment City, along with its online gaming platform. These offerings remain key pillars of the company’s revenue strategy.
As Universal Entertainment navigates this transition, the firm aims to reinforce trust, improve governance, and maintain steady operations across its global gaming assets.
