Gaming mogul Kazuo Okada has been ousted as the chairman of Tiger Resort, Leisure, and Entertainment Inc, as a result of an investigation over an alleged improper transfer of funds.
Earlier this month, parent company Universal Entertainment Corp announced it is investigating the possibility of “fraudulent acts” related to a JPY 2 billion loan conducted by its founder and chairman in 2015.
Universal Entertainment says it has established an investigative panel to further look into the transfer of funds, and an interim report is expected to be completed around the end of June.
“As a consequence of the recent actions at Universal Entertainment Corporation, a special stockholders meeting of Tiger Resort, Leisure and Entertainment, Inc. was convened followed by an organizational meeting of the board,” said the company on Friday.
On Monday, Universal Entertainment Corporation announced that there is a suspicion that Okada has been involved in another two cases of illegal activities separate from the first case.
Okada has been removed as chairman of the board, and is replaced now by Justice Manuel Lazaro, while Mr. Kenji Sugiyama will step in as President. Mr. Antonio Cojuangco, Mr. Rey David and Mr. Steve Wolstenholme remain as directors, said Tiger Resort in a statement.