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ユニバーサルエンターテインメントの経営騒動に潜む闇

Judicial / investigative moves

"US$620 million" Largest ever compensation claim to hit Mr. Kazuo Okada

It's been no longer two and a half years since Universal Entertainment's management dispute surfaced in June 2017. Universal Entertainment Group plans to impose the largest ever sanction on Mr. Kazuo Okada. It is worth US$620 million.

The basis for the "US$620 million" is Mr. Kazuo Okada's illegal activities

Universal Entertainment Group claims a staggering US$620 million against Mr. Kazuo Okada.。This was made clear in a letter published in Hong Kong newspaper.

This document has been compiled by Tiger Resort Asia (TRA), a subsidiary of Universal Entertainment. In the document, the company states that it has sought a preliminary injunction from a Hong Kong court in relation to Mr. Kazuo Okada, and that it plans to file a lawsuit following this preliminary injunction.




The first time the "US$620 million" in question appears is at the beginning of the document.

From Hong Kong newspaper

以申請6 億2000 萬美元(約680 億日元)損害賠償訴訟為前提
English translation: As a precondition for filing a lawsuit for damages of US$620 million (approximately ¥68 billion)

Quoted from: Dated January 23, 2020. Hong Kong Commercial Daily

And in this document, as a description about the lawsuit, there is also the following statement

From Hong Kong newspaper

本公司計劃向香港特別行政區高等法院,就岡田和生(kazuo okada)作為本公司子公司的菲律賓法㆟Tiger Resort, Leisure & Entertainment, Inc.的董事,其就任期間在菲律賓綜合型度假村設施「Okada Manila」的開發過程㆗存在違法行為而提起訴訟。
English translation: The Company (=TRA) plans to file a lawsuit in the High Court of the Hong Kong Special Administrative Region. Mr. Kazuo Okada, who was a director of the Philippine subsidiary Tiger Resort, Leisure & Entertainment, Inc. in the Philippines, engaged in illegal activities in the development of the integrated resort property, Okada Manila.

Quoted from: Dated January 23, 2020. Hong Kong Commercial Daily

Presumably, the misconduct by Mr. Kazuo Okada here refers to the "excessive spending on Okada Manila" that another Hong Kong media outlet was reporting in late 2019. The US$620 million claim could be considered as damages on the basis of this case.

 

Summary of publicized damages lawsuits
Status Court of Jurisdiction
Soon to be filed(Pending preliminary injunction) The High Court of the Hong Kong Special Administrative Region
Plaintiff Defendant
Tiger Resort Asia Limited Kazuo Okada
Supplementary explanation
Universal Entertainment subsidiary Tiger Resort Asia is seeking damages of 68 billion yen from Mr. Kazuo Okada. The company cites "illegal acts by Kazuo Okada" as the basis for its claim for compensation. According to local reports, there was excessive spending in the development process of "Okada Manila". Although there are already several lawsuits in which the company is claiming damages against Mr. Kazuo Okada, no other case has been sued on such a large scale.

 




Kazuo Okada faces a risk he can't ignore

As a side note, the contents of the preliminary injunction that TRA is seeking prior to the lawsuit for damages are quite a strong lineup for Mr. Kazuo Okada.

(1)限制處分資產以及禁止行使Okada Holdings Limited 的股東表決權
English translation: About restrictions on the Disposal of Assets and Prohibition on the Exercise of Shareholder Voting Rights

不得將其存在於香港境內的資產(無論是否為該㆟名義、無論是否為單獨名義或共同名義)帶出香港
English translation: Assets located in Hong Kong shall not be taken out of Hong Kong. (*The assets in question do not matter whether they are in Mr. Kazuo Okada's sole or joint name)

無論以任何手段,不得處分該㆟存在於香港境內的資產(包括Okada Holdings Limited的岡田和生名義的股份。或,無論是否為該㆟名義、無論是否為單獨名義或共同名義)
English translation: Do not dispose of Mr. Kazuo Okada's assets in Hong Kong in any way whatsoever. (*The assets in question do not matter whether they are in Mr. Kazuo Okada's sole or joint name)

以及不得行使Okada Holdings Limited 的股東表決權等。
English translation: In addition, Kazuo Okada may not exercise Okada Holdings voting rights.

(2)信息披露
English translationDisclosure of information

岡田和生必須以書面形式向各申請㆟,就其在香港境內存有的價值10 萬港幣(約150 萬日元)以㆖的資產(無論是否為該㆟的名義,無論是否為單獨名義或共同名義),披露該資產的價值、場所以及詳情。
English translation: Mr. Kazuo Okada must disclose to the petitioner (TRA) the details of any assets in Hong Kong worth more than HK$100,000 (=approximately 1.5 million yen). (*The assets in question do not matter whether they are in Mr. Kazuo Okada's sole or joint name)

Quoted from: Dated January 23, 2020. Hong Kong Commercial Daily

Whether the court will grant these preliminary injunctions, I don't know there. However, for Mr. Kazuo Okada, the risk that all of his assets in Hong Kong will be frozen is not something he can ignore.

Of Mr. Kazuo Okada's financial assets, the majority of their value comes from shares of Okada Holdings. In addition, there is an art management company in Hong Kong, Okada Fine Art what owned and operated by Mr. Kazuo Okada. Mr. Kazuo Okada has moved all his assets to Hong Kong, but it could be said that his actions have backfired.

According to Hong Kong law, if a court issues a provisional injunction, if the court does not comply with the order, the person may be imprisoned.

From Community Legal Information Centre

如被告人違抗資產凍結令,可被處監禁。
English translation: Defendant may be imprisoned if he or she ignores an asset freeze order.

Quoted from: 如何提出民事訴訟或作出抗辯




Recently, Mr. Kazuo Okada seems to be posting his delusions on SNS. He may need to face the reality in front of him first.

岡田和生公式サイト

English translation: Jun Fujimoto(the president of Universal Entertainment) is not fit to run a business. I think that Aruze Gaming will absorb Universal Entertainment.

*Considering the situation that Mr. Okada finds himself in It's absolutely impossible to talk about "Aruze Gaming absorbing"

The litigation in Hong Kong in relation to Mr. Kazuo Okada are summarized here.


*This contents is japanese only yet. I'll be releasing it soon.

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