The firm says Okada has no rights to nominate directors
Wynn Resorts issues statement on Okada letter to shareholders
2012-09-19
Reading time 38 seg
(US).- Wynn Resorts issued a statement in response to the letter to shareholders issued yesterday by Kazuo Okada, Aruze USA and Universal Entertainment, in which it says that Aruze has not been a stockholder of Wynn Resorts, Limited since last February 18.
“Aruze has not been a stockholder of Wynn Resorts, Limited since February 18, 2012 when its shares were redeemed by the Wynn Board after a lengthy, third-party investigation uncovered prima facie evidence of improper conduct under the Foreign Corrupt Practices Act by Mr. Okada, Universal Entertainment and Aruze in their dealings with Philippine officials.
“This most recent filing is a regrettable attempt to divert attention from the issues facing Mr. Okada and Aruze. Given the fact that Aruze was ejected seven months ago as a Wynn shareholder based on conduct unacceptable for a gaming licensee, it has absolutely no rights as a shareholder to nominate directors and its invalid nominations have been rejected on this basis.”
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