Universal Entertainment seeks $17.4M damage claim from Okada

Japan-listed gaming conglomerate Universal Entertainment Corp. has filed a HK$136.05 million (US$17.4 million) suit against former chairman Kazuo Okada.

In a disclosure to the Japan Association of Securities Dealers Automated Quotation (Jasdaq) on Thursday, the gaming firm said that the company, through its HongKong subsidiary Tiger Resorts Limited (TRA), filed the case before the High Court of the HongKong Special Administrative Region last December 27.

This is the second case that Universal has filed against Okada three months after the company discovered that the former chairman committed three fraudulent acts. The first case was filed on November 27 in the Tokyo District Court in Japan.

Universal said the company suffered damages due to Okada’s “negligence of duty as a board member of the company,” in connection with the casino mogul’s “fraudulent acts.”