Universal Entertainment issued a statement on Wednesday revealing that it has won its damages suit against its former Chairman Kazuo Okada, and that he has been ordered by the court to pay an amount totalling nearly US$200,000.
The damages suit was originally filed in November 2017 and the Tokyo District Court rendered its verdict last week.
“The judgment acknowledges that the fraudulent acts were conducted under the order of Mr. Okada, as well as that Mr. Okada breached both his duty of care of a good manager and his fiduciary duty of loyalty as a director of the company,” the Universal statement explained.
The fraudulent acts in question concerned various financial transactions made by Okada in which he is suspected of transferring company funds to accounts controlled by himself.
Okada was removed as leader by Universal in June 2017 after his estranged wife Takako Okada and his two children turned against him.
Okada has not yet issued any statement in regard to the latest court verdict.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.