Universal Entertainment, the parent company of the Okada Manila casino resort in the Philippines, has announced that it has taken ‘necessary measures’ to secure its ‘right to claim damages against’ Jun Fujimoto, who resigned as president in April.
Fujimoto stepped down following a Tokyo High Court ruling on a shareholder lawsuit from August 2019.
The court determined that Fujimoto caused Universal Entertainment to transfer nearly $43.5 million out of the company without reasonable necessity and without adhering to internal decision-making procedures, thus breaching his fiduciary duty or duty of loyalty as a director. The ruling stated he is also liable for compensation to Universal Entertainment.
Fujimoto, who was also the group’s chief executive, is now identified by the company as a director.
Universal Entertainment announced that it has taken necessary measures to ensure its right to claim damages against Fujimoto is preserved in case the judgment becomes final and binding.
The company added that a task force has been established to ensure the preservation measures are properly implemented.
