Universal Ent, Parent Company of Okada Manila, Moves to Oust Former CEO Jun Fujimoto

Universal Entertainment, the parent company of Okada Manila, is set to make significant changes to its board of directors. The company has scheduled an Extraordinary General Shareholders’ Meeting for September 19, 2024, to vote on two key issues: the removal of former President and CEO Jun Fujimoto as a Director and the election of Tomohiro Okada, the son of the company’s ousted founder Kazuo Okada, as a new Director.

Tomohiro Okada, currently a Director at Okada Holdings, is poised to join Universal Entertainment’s board. This move is part of the company’s strategy to strengthen its business operations both in Japan and internationally. Universal Entertainment aims to consolidate its leadership and navigate past the company’s recent tumultuous period.

Kazuo Okada, the founder of Universal Entertainment, was ousted from the company in 2017 following a contentious dispute with his son. This dispute culminated in Kazuo’s removal from the board of Okada Manila and was exacerbated by his attempted hostile takeover of the integrated resort in May 2022. A court ruling later confirmed Kazuo’s removal from his roles at Tiger Resort, Leisure and Entertainment (TRLEI), the operating company of Okada Manila.

Asia Gaming Brief reports that Universal Entertainment’s statement reads: “In order to further strengthen the company’s business activities in Japan and overseas, the company proposes to increase the number of directors by one and to appoint Mr. Tomohiro Okada … as a director.”

At the same time, Universal Entertainment is seeking to dismiss Jun Fujimoto from his directorial role. Fujimoto’s removal follows a Tokyo High Court ruling in April 2024, which found him guilty of breaching his fiduciary duties. The court ruled that Fujimoto had improperly transferred nearly $43.5 million to an external party without adequate justification or adherence to internal procedures.

Universal Entertainment explained, “It is appropriate to dismiss Mr. Jun Fujimoto from his position as a director of the company in order to ensure thorough compliance and maintain a sound governance of the company.” This dismissal is aimed at reinforcing the company’s commitment to proper governance and regulatory adherence.

Fujimoto had previously resigned as president of Universal Entertainment in April 2024 amid ongoing legal battles. His fall from grace was further complicated by his role in Kazuo Okada’s ousting in 2017 and other legal disputes over alleged breaches of fiduciary duty.

Universal Entertainment had announced the extraordinary general meeting to dismiss Fujimoto last July.

Read related article: Universal Ent, Parent Company of Okada Manila, To Vote on Dismissal of Former President