UEC mulls actions against Okada

Universal Entertainment Corp. (UEC) is studying the measures it would take against Japanese gaming mogul Kazuo Okada after finding him guilty of committing three acts of fraud.

In a recent filing, UEC said the results of an investigation conducted against its former chairman showed Okada “committed these acts for his own personal benefit, and it can only be said that this is an extreme intermingling of private and public affairs and that there was a lack of a sense of ethics that one should naturally have as a director of a listed company.”

UEC suspended Okada and conducted a special investigation after the results of a special audit showed a possibility that Okada and another director of the company, committed fraudulent acts when they extended a $17.3 million loan from Tiger Resort Asia Ltd. — which operates Okada Manila — to a third party.

Okada and Yoshinao Negishi, director and general manager of the administrative division of the company, processed the loan.

The company suspended all the rights and authorities previously held by Okada and Negishi with regard to business execution and command in the company, its subsidiaries and affiliated companies.

Another case was about a land transaction in South Korea.

In February 2014, Okada Holdings Ltd., a company entirely owned by Okada was proceeding with a negotiation on land transactions in South Korea through Okada Holdings Korea.

“During the course of the negotiation, Okada Holdings Ltd.