Universal Entertainment, the parent company of Okada Manila Casino Resort in the Philippines, has set an extraordinary shareholders’ meeting (EGM) “in connection with the dismissal of director Jun Fujimoto.”
The meeting is scheduled for September, according to Tuesday’s announcement. The actual date will be revealed at a later stage, Universal Entertainment said.
In June, the company said it had taken “necessary steps” to guarantee a “right to claim damages” against Mr Fujimoto, who stepped down as president in April.
The executive, who is also the group’s chief executive, remained with the company as a board member.
Mr Fujimoto stepped down as president following a Tokyo High Court ruling on shareholder lawsuits dating back to August 2019.
The court ruled that Mr. Fujimoto violated his fiduciary duty or duty as a company director by not following internal decision-making procedures without reasonable need and allowing Universal Entertainment to transfer nearly $43.5 million outside the company. The ruling said he was also liable for reparations to Universal Entertainment.
According to a previous filing, Fujimoto filed an appeal with the Supreme Court on May 9 in defiance of the Tokyo High Court’s ruling.
Universal Entertainment said in early June it had “decided to take necessary action” to ensure that “the right to claim damages against Mr Fujimoto would be preserved in case the judgment was final and binding.”
In April, Universal Entertainment appointed Hajime Tokuda as its group president and CEO and Takako Okada as its CEO.
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