Okada is a Universal Entertainment casino. Source: AGBrief

Universal Entertainment President Resigns Amid Payment Scandal

Universal Entertainment Corp President Jun Fujimoto has resigned from his position following a significant legal dispute regarding the unauthorized transfer of approximately $43.5 million, which constituted a serious breach of corporate governance. The Tokyo High Court's ruling found Fujimoto liable for the unauthorized transaction, prompting his decision to step down from his leadership role at the casino operator.

Universal Entertainment, which operates the Okada Manila casino in the Philippines and other establishments, has been embroiled in a legal battle regarding the Fujimoto case for nearly a decade. Shareholders accused Fujimoto of negligence and other violations stemming from the unauthorized fund transfer, which he allegedly conducted without proper authorization.

Despite Fujimoto's efforts to contest the accusations, including a previous ruling in his favor by a lower court nearly two years ago, the recent judgment by the Tokyo High Court brings a definitive conclusion to the protracted legal saga. Fujimoto's resignation marks a pivotal moment for Universal Entertainment as it navigates the aftermath of the scandal and seeks to restore investor confidence.

1 May 2024, 11:00

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