The Board of Directors of Universal Entertainment Corp. will convene an extraordinary general shareholders’ meeting in September 2024 in which a vote will be held to decide if the group will dismiss former CEO, Jun Fujimoto, from its Board.
The decision comes after a Tokyo High Court ruling in August 2019 that found Fujimoto, who previously served as the company’s President and CEO, had breached his fiduciary duty by authorizing the transfer of nearly $43.5 million out of Universal Entertainment without proper justification and without adhering to internal decision-making procedures.
The court determined that Fujimoto’s actions constituted a breach of his duty of loyalty as a director, and ordered him to be liable for compensation to Universal Entertainment.
Fujimoto has since stepped down from his executive roles but remained on the company’s Board of Directors.
In its announcement, Universal Entertainment, the parent company of the Okada Manila casino resort in the Philippines, stated that it has taken necessary measures to preserve its right to claim damages against Fujimoto in case the court judgment becomes final and binding.
The company has also established a task force to ensure the proper implementation of these preservation measures and strengthen cooperation with outside directors and corporate auditors.
The extraordinary shareholders’ meeting is scheduled for September 2024, with August 8th, 2024 set as the record date to determine the shareholders entitled to exercise their voting rights.
Universal Entertainment plans to propose the dismissal of Fujimoto from the Board of Directors as the main agenda item for the meeting.
The company stated that further details regarding the date, time, and location of the extraordinary shareholders’ meeting, as well as the specific proposals to be put forward, will be announced in the near future.
