{"id":943,"date":"2017-06-21T12:55:40","date_gmt":"2017-06-21T12:55:40","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=943"},"modified":"2017-06-21T14:35:47","modified_gmt":"2017-06-21T14:35:47","slug":"universal-entertainment-finds-more-cases-of-financial-misconduct-by-founder-kazuo-okada","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/universal-entertainment-finds-more-cases-of-financial-misconduct-by-founder-kazuo-okada\/","title":{"rendered":"Universal Ent Finds More Cases Of Financial Misconduct By Okada"},"content":{"rendered":"

\"\"Japanese gaming conglomerate Universal Entertainment Corp<\/a> has found additional instances of illegal activities being carried out by its founder Kazuo Okada<\/strong> according to a recent statement issued by the company.<\/p>\n

The company stripped Okada of his leadership authorities late last week after accusing him and a fellow director of violating governance laws in regards to a loan transfer of HKD135-million (US$17.3-million) from Tiger Resort Asia Ltd<\/strong>, a Hong Kong subsidiary of the group in March 2015.<\/p>\n

Universal Entertainment has set up a special investigation committee comprising three external experts along with in-house auditors to probe the case. <\/p>\n

The committee has been tasked with launching an investigation into these new allegations and will have to submit a report on the same.<\/p>\n

The latest disclosures are related to a loan taken in February 2014 for real estate transactions in South Korea by Okada Holdings which is owned entirely by Okada and his family members<\/a>. According to Universal Entertainment, Okada is suspected of using a wholly-owned Universal Entertainment subsidiary to create a security interest with respect to an $80-million financing deal from a financial institution.<\/p>\n

ABS-CBN News <\/strong><\/p>\n