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Tomohiro Okada, the son of Universal Entertainment Ltd.’s founder Kazuo Okada, has been nominated to be a director of the firm. On September 16, there will be a vote on the motion at an extraordinary shareholders’ meeting.
Tomohiro Okada’s nomination was made public in a statement on Tuesday. At Okada Holdings Ltd., the parent company of Universal Entertainment, he presently holds the position of director. The announcement states that the goal of this action is to “strengthen the company’s business activities in Japan and overseas.” Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the business that runs the Okada Manila casino resort in the Philippines, is likewise owned by Universal Entertainment.
The upcoming shareholders’ meeting will also address a proposal to dismiss Jun Fujimoto, a current director at Universal Entertainment. This follows a ruling by the Tokyo High Court, which found that Fujimoto had “breached his fiducial duty or duty of loyalty as a director.” The dismissal proposal is tied to a shareholder lawsuit filed on April 26, seeking damages for Fujimoto’s alleged actions.
Kazuo Okada, who was previously removed from his roles as chairman and director of Universal Entertainment, has contested his ousting. He has also challenged the control of Okada Manila and TRLEI through the Philippine Supreme Court. However, in November of last year, the court ruled that his removal from TRLEI was lawful.
This latest development marks another chapter in the ongoing leadership disputes within the company, as the battle for control continues to unfold.