Kazuo Okada completely blocked from regaining Common board seat

It’s been an attention-grabbing few years for Kazuo Okada, the embattled former CEO of Common Leisure. He has been combating his compelled elimination from the corporate on a number of fronts and has repeatedly handled litigious drama from all sides. On high of that, he was ostracized from his closest circle – his spouse and youngsters – because the onslaught continued. Whereas he might have gotten a reprieve this week in a Hong Kong courtroom, he hasn’t had the identical success in Japan. A choose there has simply dominated that there’s no probability in hell Okada will likely be allowed to retake a seat on Common’s board of administrators.

The most recent chapter within the ongoing saga facilities on a belief settlement that features two of Okada’s kids, son Tomohiro Okada and daughter Hiromi Okada. By means of the settlement, Hiromi had 9.78% of Common by means of its mother or father firm, Okada Holdings Restricted (OHL), whereas Tomohiro held 43.48%. Hiromi had relinquished her share to Tomohiro in 2017, which gave him majority management of the corporate and allowed him to present his father the boot.

Hiromi later had a change of coronary heart and made amends together with her father, resulting in an assertion in courtroom that she had been tricked into giving up her share. In February of final yr, a Tokyo courtroom upheld the phrases of the settlement, however Hiromi, together with Kazuo, appealed to attempt to get the choice overturned. That attraction has now been rejected, and the belief settlement will stand, leaving Tomohiro in management.

There’s no probability for an additional attraction, both. In line with the courtroom choose, the belief settlement “stay in impact for 30 years, with Tomohiro Okada given management of OHL. This successfully prevents former Chairman Kazuo Okada from returning to the boards of each OHL and UEC, in addition to its subsidiary, Okada Manila, inside this era. The Tokyo Excessive Courtroom had additionally beforehand rejected one other petition by the defendant, making the Tokyo Excessive Courtroom resolution closing and binding.”

The 30-year expiry is the important thing part that basically retains Kazuo out of the image completely. Given that he’s now 77 years previous, he gained’t be round lengthy sufficient to see the settlement come to an finish, except he finds the fountain of youth.

At the least July hasn’t been an entire loss for the person accused of misappropriating hundreds of thousands of {dollars} from the corporate he was meant to guide. A Hong Kong courtroom lately denied an try by Common to freeze belongings price $620 million it claimed he may attempt to unload whereas the corporate sues to recuperate losses brought on by funds overruns and delays related to the Okada Manila on line casino resort within the Philippines.