He was the firm’s biggest shareholder
Wynn objects to Japan court over Okada case
2013-05-16
Reading time 33 seg
(Japan).- According to a Wynn Macau (a subsidiary of Wynn Resorts) filing to the Hong Kong Stock Exchange, Wynn parties have objected to the jurisdiction of the Japanese court, after asking Okada’s parties to clarify the allegations in their complaint, Business Daily reports.
On August 28 last year, Okada, who is a Japanese citizen, filed a complaint in the Tokyo District Court against Wynn Resorts. He claimed a press release by the company in February last year had damaged his social standing and credibility.
The news release from Wynn at that time outlined the company’s cancellation of Okada’s near-20 percent stake in Wynn Resorts, after a year-long internal investigation concluded that the Japanese businessman allegedly offered cash payments and gifts totalling approximately us$ 110,000 to executives at the Philippines casino regulator, breaching US anti-corruption laws.
Okada was Wynn Resorts’ biggest shareholder.
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