Kazuo Okada Sues Family member To really Restore Control Of His Kingdom

Kazuo Okada Sues Family member To really Restore Control Of His Kingdom

Japanese gaming tycoon Kazuo Okada has filed a lawsuit against his family in an attempt to regain control of his company Okada Holdings, which is the parent company of Universal Entertainment. Kazuo Okada built a gaming empire that is now under threat and Okada is pursuing legal recourse to make sure that he still has full control.

Universal is a leading slots, pachinko and casino equipment manufacturing company in the region and Okada Holdings currently has a 67.9 percent stake in it. Okada was removed from the board of Universal Entertainment in June on allegations of financial irregularities. There are no details yet available on legal suit filed by Okada.

Okada owns 46.4 percent of Okada Holdings while his daughter, son and wife together hold 53 percent giving them the controlling stake in the company. His family seized control of the Okada Holdings’ board in May 2017.

In a Reuters report, Okada has stated that the lawsuit was now the only option to bring his son and daughter to the negotiating table. He has not seen his son Tomohiro for over two years and is not aware about the whereabouts of his daughter Hiromi. Okada said that Tomohiro had gone against him due a belief that he hadn’t been paid dividends commensurate to his stake.

Okada is hoping that through the lawsuit, a judge might order a settlement negotiation between them. According to Okada, his ouster from the board was not correct. He said that he had been blindsided by the news of his ouster which he learnt only on May 18. Okada stated that he had been informed by Universal’s board only on May 23 that he was being investigated for financial irregularities.

In a filing made with Tokyo Stock Exchange, Universal’s president Jun Fujimoto stated that there was reason to believe that Okada had carried out irregular transactions worth over $ 17 million in 2015 for his personal benefit. Okada has claimed that the investigation was an attempt by Fujimoto to take control of the company. A recent news report alleges that Fujimoto stated in a letter that Okada was unfit to be a director of a company and the same was sent to a prominent shareholder.

Okada has dismissed the allegations stating that the transaction was in fact a director’s loan taken for expanding junket operations for Universal’s new casino in the Philippines – Okada Manila. Universal has refused to comment on any of Okada’s assertions. The company has said that it will make additional disclosures on the matter in its next filing after the internal investigation into Okada’s dealings is completed.

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United Kingdom Gambling Commission Announces New Business Plan

United Kingdom Gambling Commission Announces New Business Plan

UK Gambling Commission plans further improvements in years to come.

The United Kingdom Gambling Commission (UKGC) has launched its latest Business plan, which summarizes the goals and priorities for 2017/2018.

The British gambling authority will turn its attention to five key areas, which are (in no particular order):

  • Consumer protection
  • Raising standards throughout the entire gambling sector
  • New partnerships
  • Ensuring fair play on the National Lottery
  • Further improvement of regulation

The New Strategy

But the adoption of the new Business plan is just a part of the much wider picture, which also includes shaping the three-year corporate strategy. The Commission has already asked its stakeholders and all the relevant figures in the industry to help in this process, by contributing their views and opinions.

Even the Chairman of the UKGC stated that everyone involved in the work of the Commission should participate in decision-making. It was important, he added, to discuss how to make the best market impact.

Chairman Moyes said the joint efforts would help the Commission to further improve its services and maintain the consumer trust. Therefore, the Commission is constantly encouraging the industry to seek new solutions and approaches in order to keep gambling safe for everyone.

About the UKGC

The United Kingdom Gambling Commission is a government agency founded in 2007 and has the responsibility in regulating arcades, betting, bingo, casinos, slot machines and lotteries. Since 2013, the Commission became in charge of regulating the National Lottery. The headquarters of the Commission is in Birmingham, and it employs 280 people.

The Commission’s main responsibilities are, as they say, to keep crime out of gambling, to ensure that gambling is conducted in a fair and open manner, and to protect the minors and problem gamblers.

The UKGC is widely regarded as one of the best regulatory bodies in the world, partly because it offers the highest level of protection for its consumers. This is the reason why the UKGC-licensed casinos are viewed as extremely safe and trustworthy.

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