Okada Manila operator Universal Entertainment has announced that its former President and CEO Jun Fujimoto has resigned from his position as Director of the company, effective from August 30th, ahead of a September 19th meeting set to oust the official from the role.
According to a company filing, the move to dismiss Fujimoto in the extraordinary shareholders meeting scheduled for later this month has now been withdrawn.
Fujimoto resigned as president of Universal Entertainment in April, after the drawn-out lawsuit which commenced in August of 2019. It’s alleged that he pushed the company to transfer up to $43.5 million out of Universal Entertainment without proper justification and without adhering to internal decision-making procedures.
The movement to remove Fujimoto was one of two main items up for discussion at the September 19th meeting, the first of which being the promotion of Tomohiro Okada to a role as director on the company’s board.
Tomohiro is the son of ousted Universal Entertainment founder Kazuo Okada, who made waves when he split with his father in 2017, with Kazuo ousted from the board of Okada Manila. The divide was deepened after Kazuo instigated a hostile takeover of Okada Manila in May of 2022 – with a court ruling confirming his proper removal from his roles as CEO, Chairperson, director and shareholder of the operating company of the integrated resort: Tiger Resort, Leisure and Entertainment (TRLEI).
Tomohiro is currently a director of the parent company of Universal Entertainment, Okada Holdings.
