Universal refutes Okada reinstallment claim

Japan-listed gaming conglomerate Universal Entertainment Corporation has denied reports that casino mogul Kazuo Okada is back in the company’s board after his ouster in June.

Universal issued a clarification before the Japan Association of Securities Dealers Automated Quotation (JASDAQ) after Reuters ran an exclusive story that Okada has reinstalled himself as director of Okada Holdings Ltd, the Hong Kong parent of Universal.

Okada’s daughter Hiromi reportedly had a change of heart, throwing her support to the embattled Universal patriarch. That gives Okada an upper hand in the company tug-of-war since he holds 46.4 percent of Okada Holdings while his daughter had 9.8 percent.

In a regulatory filing, Universal maintains that the Company has not received a legal, valid demand to convene an extraordinary shareholders’ meeting from Mr. Okada and that the Reuters report has no basis in fact.