{"id":57946,"date":"2017-09-05T18:50:45","date_gmt":"2017-09-06T01:50:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=57946"},"modified":"2017-09-06T01:35:29","modified_gmt":"2017-09-06T08:35:29","slug":"kuzuo-okada-guilty-fraud-violent-threats-alleges-universal-entertainments-external-investigation","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/kuzuo-okada-guilty-fraud-violent-threats-alleges-universal-entertainments-external-investigation\/","title":{"rendered":"Outside Investigation Concludes Universal Founder Kazuo Okada Committed Fraud"},"content":{"rendered":"

Kazuo Okada<\/a> has been formally accused of fraud by the company he founded five decades ago and built into Japan\u2019s largest gambling empire.<\/p>\n

\"Kazuo
Kazuo Okada has described accusations of fraud as \u201cnonsense,\u201d claiming he is the victim of a boardroom coup, but the claims were restated by Universal Entertainment this week with additional accusations of \u201cviolent threats\u201d against a former exec. (Image: Erik De Castro\/Reuters)<\/figcaption><\/figure>\n

Universal Entertainment, which ousted its founder from the board on July 29, announced this week that the results of a three-month external investigation allege Okada is guilty of three instances of misappropriating millions of dollars in funds \u201cfor his own personal benefit.\u201d<\/p>\n

It also claims Okada has \u201cviolently intimidated and threatened\u201d another Universal exec in order to cover up the alleged fraud.<\/p>\n

Universal\u2019s president Jun Fujimoto announced the company had uncovered a possible \u201cfraudulent act\u201d in June, in the form of an \u201cirregular\u201d transaction of $20 million, dating from 2015, from a Universal subsidiary to Universal\u2019s parent company Okada Holdings.<\/p>\n

\u201cExtreme Intermingling\u201d <\/strong><\/h2>\n

In an interview with Reuters in early July, Okada claimed that this transaction had been a directors\u2019 loan which had been invested in junket operations for the new Okada Manila casino resort in the Philippines. Okada said the loan was not due for repayment until November and described allegations of fraud as \u201cnonsense.\u201d<\/p>\n

Okada also said he was suing his wife, son and daughter over a \u201cboardroom coup\u201d that ousted him as chairman of Okada Holdings in May, a month before he was frozen out at Universal.<\/p>\n

Legal action, he said, was the only way to make his family agree to dialogue and see sense.\u00a0 Meanwhile, he accused Fujimoto of attempting to \u201cseize control\u201d of Universal Entertainment.<\/strong><\/p><\/blockquote>\n

But in a filing to the Japanese security<\/a> exchange this week, Universal reiterated that it believed its former chairman was guilty of \u201can extreme intermingling of private and public affairs\u201d and exhibited a \u201clack of a sense of ethics that one should naturally have as a director of a listed company.\u201d<\/p>\n

\u201cViolent Threats\u201d<\/strong><\/h2>\n

\u201cAdditionally,\u201d it said, \u201cbased on the results of the investigation by the special investigation committee, and its suggestions for measures to prevent the reoccurrence of the acts in question going forward, the company will proceed to formulate and execute concrete measures to prevent that reoccurrence.<\/p>\n

\u201cSaid concrete measures will be determined by the company once they have been decided on,\u201d it added.<\/p>\n

Universal has alleged the complicity of Yoshinao Negishi, its former director and general manager of Universal\u2019s Administrative Division, in the purported fraud. The third-party investigators concluded that Okada threatened the executive into keeping quiet during their investigation.<\/p>\n

\u201cIt has been ascertained based on objective materials that in fact Mr Okada paid a visit to the home of [Negishi] to violently intimidate and threaten him with respect to the subject matter of the investigation by the special investigation committee during the period of said investigation,\u201d said Universal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kazuo Okada has been formally accused of fraud by the company he founded five decades ago and built into Japan\u2019s largest gambling empire. Universal Entertainment, which ousted its founder from the board on July 29, announced this week that the results of a three-month external investigation allege Okada is guilty of three instances of misappropriating […]<\/p>\n","protected":false},"author":42,"featured_media":57947,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nKuzuo Okada Guilty of Fraud and Violent Threats, Alleges Universal Entertainment\u2019s External Investigation<\/title>\n<meta name=\"description\" content=\"Universal Entertainment believes its founder and former chairman, Kazuo Okada. misappropriated millions of dollars in funds.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kuzuo Okada Guilty of Fraud and 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