Kazuo Okada barred from returning to Okada Holdings Ltd board

The Tokyo District Court ruled in favor of plaintiff Tomohiro Okada, former director of Universal Entertainment Corporation (UEC) and shareholder of Hong Kong-based Okada Holdings Ltd. (OHL), last July 14. The decision to reject the petition filed by the defendant, Hiromi Okada, stems from the court’s careful examination of facts and evidence that points to the validity of the Trust Agreement.

The petition to nullify the Trust Agreement was filed by the defendant in July 2019 following the Japanese court’s January 2018 decision to put it in effect in favor of the plaintiff. The Trust Agreement was created to safeguard the social standing and market performance of UEC and OHL against former Chairman Kazuo Okada’s improprieties. According to the Trust Agreement, the plaintiff is granted authority to exercise the defendant’s voting rights while the defendant could still receive profits such as dividends.