A week after Universal Entertainment Corporation launched an investigation into the involvement of its Chairman, Kazuo Okada, into an alleged illegal transfer of cash and its Tiger Resort, Leisure and Entertainment Incorporated subsidiary has announced that the Japanese billionaire has been removed as its own Chairman.
Okada is being investigated by Universal Entertainment Corporation, which is a pachinko, slot machine and arcade games manufacturer, for his alleged involvement in the transfer of just over $17.93 million from its Hong Kong-based Tiger Resort Asia Limited subordinate to a “third party” without first having gone through the “proper internal decision-making process.”
It has since been alleged by Tokyo-based Universal Entertainment Corporation that septuagenarian Okada may have been involved in two additional instances of “illegal activities” that involved the movement of approximately $2.22 million and that it has included these claims in the activities being looked into by a three-member “special investigation committee consisting of external experts.”
“The special investigation committee is determined to investigate into these new suspicions in order to clarify the whole picture and to formulate measures to prevent reoccurrence and the company will continue to provide full cooperation for the investigation by the special investigation committee,” read a statement issued yesterday by Universal Entertainment Corporation. “The company will promptly notify you of the results of the investigation by the special investigation committee as soon as the company receives the investigative report.”
Universal Entertainment Corporation additionally declared that it “already has prospects for collecting the funds” and that “there will be no loss for the company” and “no impact on the company’s business performance.”
“We sincerely apologize for having caused a great concern for our shareholders, investors and business partners as well as other players in the market,” read the statement from Universal Entertainment Corporation. “The company is committed to thoroughly conducting an investigation by the special investigation committee and to clarifying the whole picture concerning this issue. We sincerely ask for your continued support and cooperation in the future.”
For its part, Tiger Resort, Leisure and Entertainment Incorporated in the firm behind the giant Okada Manila integrated casino resort in the Philippines and revealed that Okada has now been replaced as its Chairman by Manuel Lazaro with Kenji Sugiyama stepping in to serve as its new President.
“As a consequence of the recent actions at Universal Entertainment Corporation, a special stockholders meeting of Tiger Resort, Leisure and Entertainment Incorporated was convened followed by an organizational meeting of the board,” read a short Friday statement from Tiger Resort, Leisure and Entertainment Incorporated. “Kazuo Okada was removed as Chairman of the board [and] justice Manuel Lazaro has been elected Chairman and Kenji Sugiyama as President. Antonio Cojuangco, Rey David and Steve Wolstenholme remain as directors.”