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Jun 22, 2017 @ 20:28

Kazuo Okada kicked out of Okada Manila board

 

Japanese billionaire Kazuo Okada was ousted from his post as chairman of Tiger Resort Leisure and Entertainment Inc.

Tiger Resort is the operator of the $2.4 billion Okada Manila.

Justice Manuel Lazaro has taken over as chairman of Tiger Resort, while Kenji Sugiyama was elected as president.

The Japanese gaming tycoon’s partner Antonio “Tonyboy” Cojuangco, Steve Wolstenholme and Rey David kept their seats on the board.

Okada’s exit from the board of Tiger Resorts is hot on the heels of his suspension from Japanese gaming conglomerate Universal Entertainment Corp.allegedly due to a “serious violation of governance.”

Universal Entertainment formed a committee to look into reports that Okada, its founder and chaiman, allegedly transfered the amount of HK$135 million to another business of his.

“As a consequence of the recent actions at Universal Entertainment, a special stockholders’ meeting of Tiger Resort was convened followed by an organizational meeting of the board,” Tiger Resort said in a statement.

The probe is expected to be completed on or before June 30.

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