Universal Ent, Parent Company of Okada Manila, To Vote on Dismissal of Former President

Universal Entertainment Corp., the parent company of Okada Manila, has announced an extraordinary general meeting (EGM) to address the dismissal of Jun Fujimoto from its board of directors. This development follows a series of legal challenges and corporate upheavals that have rocked the company’s leadership. GGRAsia reports that the EGM is scheduled to take place by September.

The decision to remove Fujimoto comes after a ruling by the Tokyo High Court, which found him guilty of breaching his fiduciary duty. The court determined that Fujimoto had caused Universal Entertainment to transfer nearly $43.5 million without reasonable necessity and without following internal decision-making procedures. This breach of duty has made him liable for compensation to the company.

Fujimoto, who resigned as president of Universal Entertainment in April but remained a director, has been at the center of various legal battles. These issues date back to a shareholder lawsuit filed in 2019, which alleged financial misconduct. Despite an earlier ruling by the Tokyo District Court in June 2022 that found Fujimoto innocent, the High Court’s recent decision has overturned this verdict, leading to further scrutiny and calls for his removal.

In response to the High Court ruling, Universal Entertainment has taken steps to preserve its right to claim damages against Fujimoto. The company has also made significant changes to its leadership. In April, Hajime Tokuda was appointed as group president and representative director, while Takako Okada, the estranged wife of company founder Kazuo Okada, was also named a representative director.

Kazuo Okada, who was ousted from the company in 2017 following an internal investigation into misappropriation of funds, still holds significant influence over the company’s affairs. He controls 46.38% of the voting rights in Okada Holdings Ltd, which owns a majority stake in Universal Entertainment. His son, Tomohiro Okada, holds a controlling 53.27% stake in Okada Holdings.