Jun Fujimoto, president and representative director of Universal Entertainment Corporation, resigned following the Tokyo High Court ruling. The Philippines-based company is the parent company of Okada Manila Casino Resort.

The Tokyo High Court, dealing with a lawsuit filed on August 26, 2019, ruled that Mr. Fujimoto breached his fiduciary duties and the board’s duty of loyalty. He is accused of wrongfully causing the company to transfer approximately $43.5 million outside the company without due process and bypassing internal decision-making processes. In a previous judgment, the Tokyo District Court dismissed the charges on June 30, 2022, holding that the necessary board resolutions had been approved. But an unnamed company shareholder subsequently appealed the decision, prompting a new ruling from the Tokyo High Court.

Following the ruling, Universal Entertainment announced in a statement on Friday that Hajime Tokuda was appointed as the new group president and representative director at a special board meeting that day, while Takako Okada was also appointed as a representative director. Mr. Fujimoto's position was reduced to that of an ordinary director.

Mr. Fujimoto has had a long history of legal troubles with Universal Entertainment. In May 2019, Universal Entertainment founder Kazuo Okada accused Mr. Fujimoto of conspiring with others to exclude him from Tiger Resorts Entertainment, which operates Okada Manila Casino Resort. As early as June 2017, Kazuo Okada himself was dismissed from his positions as chairman of Universal Entertainment and Tiger Resorts.

Despite management turmoil within Universal Entertainment, Okada Manila continues to expand its business. The company is exploring potential opportunities to enter the online casino market in Philippines to complement its already highly successful resort business.