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Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer

Japanese slots manufacturer and gaming Kazuo that is magnate Okada removed as president from Manila’s Okada Casino within the Philippines on Monday. It was the second place the 73-year-old billionaire has lost in as numerous weeks, after allegations that he improperly transferred $17.3 million from chichi casino Tiger Resorts Asia in March of 2015 to Okada Holdings.

Kazuo Okada (left, seen right here in 2004 with their former bestie, Steve Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, as an investigation into an allegedly improper $17.3 million transfer continues in that country.

Fourteen days prior, he had been relieved as president of Universal Entertainment Corp., the company he founded that controls both Philippine casinos.

‘As a result of the recent actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by the meeting that is organizational of board,’ stated the casino’s press launch. ‘Mr. Kazuo Okada was removed as chairman of the board.’

‘Serious Violation of Governance’

The potential fraud was uncovered earlier this month and Okada was asked for the explanation as to why $17.3 million was taken from Tiger Resorts Asia and put in a company controlled by Okada and his son. When he could not satisfactorily justify the transaction, Universal hired three external experts to do bu Fortsett å lese Universal Entertainment’s Kazuo Okada Ousted from Philippines Casino for Alleged $17 Million Improper Transfer