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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 maker and gaming magnate Kazuo Okada was removed as chairman from Manila’s Okada Casino into the Philippines on Monday. It was the second position 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 here in 2004 with their bestie that is former Wynn) was ousted as chairman from his Okada Casino in the Philippines this week, being an research into a presumably improper $17.3 million transfer continues in that country.

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

‘As a consequence of the current actions at Universal Entertainment a special stockholders’ meeting of Tiger Resort was convened followed by the organizational meeting regarding the board,’ stated the casino’s press release. ‘Mr. Kazuo Okada ended up being removed as chairman of the board.’

‘Serious Violation of Governance’

The possible fraud was uncovered earlier this month and Okada ended up being asked for the explanation as to why $17.3 million was taken from Tiger Resorts Asia and put in a company managed by Okada and his son. When he could not satisfactorily justify the transaction, Universal hired three external