Businessman Kazuo Okada’s crusade to recuperate holding company from a group headed by his son Tomohiro that ousted him from the summer of 2017 has taken another hit
A Tokyo court has ruled that a trust agreement signed by Mr. Okada’s son Tomohiro and daughter Hiromi in the spring of 2017 and later on used to oust Mr. Okada from Universal Entertainment Corp. has been legally binding.
Mr. Okada founded Universal Entertainment from the 1960s. The company quickly grew into one of Japan’s biggest manufacturers of pachinko, a popular pinball-like gambling machine, and other gambling devices.
The Japanese businessman was removed from the board of Okada Holdings in June 2017 later he had been accused by fellow board members that he had misappropriated hundreds of dollars. Mr. Okada has kept denying those claims, stating that his ouster was the result from a plot devised by his son Tomohiro. The family rift led to lawsuits piling up over the past two and a half years, together with the Japanese gambling mogul trying to regain control over his firms, among which runs the Okada Manila casino resort in the Philippine capital.
The Siblings’ Arrangement
As per a recent ruling issued by a Tokyo court, two discuss trust agreements signed between Mr. Okada’s son Tomohiro and daughter Hiromi were legally binding. The documents were later on used for whatever the Japanese businessman has maintained was his illegal ouster.
Both agreements were signed on March 2 and May 23, 2017. Mr. Okada’s daughter has stated before court that her brother took advantage of her emotional state to trick her into signing the papers without providing her with sufficient information regarding their contents and their purpose.
Mr. Okada’s team said following the Tokyo court delivered its ruling that it would continue trying to assist the businessman recuperate his businesses and punish those responsible for his ouster.
Tiger Resort lately finished its backdoor set on the Philippine Stock Exchange via the purchase of a controlling stake in the listed Asiabest Group International Inc..
Mr. Okada’s lawyers said in a statement that as the “rightful proprietor ” of Okada Holdings, the businessman needed to be consulted on all matters concerning the investment vehicle and its subsidiaries. The team also pointed out that Mr. Okada wasn’t consulted regarding the trade and the listing of Tiger Resort which he’d file legal cases against those involved in the procedure.
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