Okada's dispute with Wynn returns to court
Former vice chairman appears following impropriety allegations which saw his share in the company forcibly redeemed.
Former Wynn vice chairman Kazuo Okada has returned to court in Las Vegas in the hope that he will be granted the right to inspect the company’s books over its HK$1m (£81.4m) pledge to the University of Macau last year.
Following a long-running dispute with the land-based casino operator, Okada’s 20% stake in the company was forcibly redeemed by Wynn after allegations that he was “unsuitable”.
Okada was also stripped of his vice-chairmanship after allegations that he violated US anti-corruption laws with a US$110,000 payment to Philippines gaming regulators.
The relevant parties first appeared in court last month, and the resumption of the hearing was delayed from the initial proposed date of 24 February at the request of lawyers for both Wynn and Okada.
According to BusinessWeek, Wynn chief executive Steve Wynn called this week for shareholders to vote on the removal of Okada from his post.
Wynn lawyer Kirk Lenhard said at the initial 9 February hearing “This company has been transparent, it will remain transparent, and it has absolutely nothing to hide”.