Wynn ousts Okada from board of Macau casino
Source: Agencies |
February 25, 2012, Saturday
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Print Edition
Print Edition
BILLIONAIRE Steve Wynn stepped up the feud with his former business partner Kazuo Okada yesterday by removing the Japanese tycoon from the board of his Macau casino company.
Wynn Macau's board voted to remove Okada following allegations he made improper payments to Asian gambling regulators, a violation of United States anti-corruption laws.
Wynn Macau said its board "resolved" to remove Okada as a non-executive director immediately because it was in the "best interests" of the company.
Okada is the biggest shareholder in Hong Kong-listed Wynn Macau's parent company, Wynn Resorts Ltd. He's fighting attempts by Wynn Resorts to forcibly buy back his 20 percent stake in the US company.
Wynn Resorts is trying to distance itself from the 69-year-old Okada after an investigation by a former Federal Bureau of Investigation director unearthed cash payments and gifts totaling US$110,000 to gambling regulators, including regulators in the Philippines.
"After due consideration of the independent report, taking into account the company's high ethical standards, the board determined it was obligated to remove Mr Okada," a company statement said, citing "unacceptable conduct" by Okada, his employees and associates.
Okada owns Wynn Resorts stake through his Japan-based casino game company, Universal Entertainment Corp.
Wynn's ousting of Okada is the latest salvo in a bitter dispute between the two billionaires who are former friends and business partners.
Wynn Resorts said earlier this week that Louis Freeh's investigation uncovered more than three dozen instances over a three-year period in which Okada and his associates engaged in "improper activities for their own benefit."
The yearlong probe showed Okada repeatedly violated company conduct policies and US anti-corruption laws, the company said.
Freeh's report alleges that Okada, who is developing a casino resort in the Philippines, personally directed payments and gifts to Cristino Naguiat, chairman of the government-owned casino operator and regulator, Philippine Amusement and Gaming Corp, during a visit by Naguiat and his family to Macau in September 2010.
Wynn Macau's board voted to remove Okada following allegations he made improper payments to Asian gambling regulators, a violation of United States anti-corruption laws.
Wynn Macau said its board "resolved" to remove Okada as a non-executive director immediately because it was in the "best interests" of the company.
Okada is the biggest shareholder in Hong Kong-listed Wynn Macau's parent company, Wynn Resorts Ltd. He's fighting attempts by Wynn Resorts to forcibly buy back his 20 percent stake in the US company.
Wynn Resorts is trying to distance itself from the 69-year-old Okada after an investigation by a former Federal Bureau of Investigation director unearthed cash payments and gifts totaling US$110,000 to gambling regulators, including regulators in the Philippines.
"After due consideration of the independent report, taking into account the company's high ethical standards, the board determined it was obligated to remove Mr Okada," a company statement said, citing "unacceptable conduct" by Okada, his employees and associates.
Okada owns Wynn Resorts stake through his Japan-based casino game company, Universal Entertainment Corp.
Wynn's ousting of Okada is the latest salvo in a bitter dispute between the two billionaires who are former friends and business partners.
Wynn Resorts said earlier this week that Louis Freeh's investigation uncovered more than three dozen instances over a three-year period in which Okada and his associates engaged in "improper activities for their own benefit."
The yearlong probe showed Okada repeatedly violated company conduct policies and US anti-corruption laws, the company said.
Freeh's report alleges that Okada, who is developing a casino resort in the Philippines, personally directed payments and gifts to Cristino Naguiat, chairman of the government-owned casino operator and regulator, Philippine Amusement and Gaming Corp, during a visit by Naguiat and his family to Macau in September 2010.
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