The dispute among one of the biggest shareholders of Japan, Kazuo Okada and Wynn Resorts CEO has taken one more twist. This is because; Mr. Wynn has accused the gaming tycoon of Japan for improper payments to foreign regulators of gambling activities.
In the mean time, Mr. Wynn is accused of forcibly buying back 20% stake of Mr. Okada at huge discount in Casino Company.
This unsightly dispute had given a dramatic impact on the business interests of Mr. Okada. This is because; investment vehicle and shares in Universal Entertainment of Mr. Okada has decreased by 21%. According to the statement of the gambling firm, “At present this has become more evident to have additional independent oversight on Board of Wynn Resorts Board. Universal Entertainment will take all essential and legal actions for protection of their investment and for preventing forced redemption of shares of company.”