Kazuo Okada, Wynn Resorts largest shareholder and vice chairman of the board, sued the company for allegedly denying him access to financial records. Okada, who owns approximately 20% of Wynn Resorts, filed suit with the Clark County District Court and the federal Securities and Exchange Commission yesterday.
Okada's suit asserts that "despite several written requests, Wynn Resorts insists on keeping it's books and records hidden from him " ...and that Okada " has the right and obligation to be informed concerning the company's business so that he may ensure that it is being managed properly for the benefit of all it's shareholders. "
Okada has questioned a few of the company's large financial transactions, particularly one involving a $135 million donation to to the University of Macau Development Foundation in July of 2011. He strongly objected to that transaction but the board continued with the donation despite his position.
Okada believes that his shareholder status and vice chairmanship on the board gives him the fudiciary right to access the company financial records. Okada's investments in the Wynn company reportedly total over a billion dollars, with $120 million invested in 2002 for Wynn's first Macau Casino.
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Charles Higgins
Article info source = Poker News
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