International edition
June 14, 2021

He is fighting the redemption of his shares in Nevada state court

Kazuo Okada motion to block Wynn meeting dismissed

(US).- A US federal judge dismissed on Friday a motion filed by Japanese businessman Kazuo Okada to block a Wynn Resorts’s special meeting on February 22, at which shareholders will vote on a proposal to remove Mr Okada from the board of directors. The special meeting will be held at Wynn Las Vegas.

T

he gaming operator claims that Kazuo Okada breached his duty as a corporate director, by knowingly breaking the law and putting his own interest in developing a casino resort in the Philippines above that of Wynn Resorts. The Manila venture also led Wynn Resorts to forcibly redeem Mr Okada’s 20 percent stake in the company. He was Wynn Resorts’ biggest shareholder.


Wynn Resorts’ decision to forcibly buy out Mr Okada came after a year-long internal investigation that concluded that the Japanese businessman allegedly offered cash payments and gifts totalling approximately us$ 110,000 to executives at the Philippines gaming regulator, breaching U.S. anti-corruption laws.

Wynn Resorts it the parent company of Macau-based gaming operator Wynn Macau.

 

 

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