HONG KONG (AP) — U.S. billionaire Steve Wynn stepped up the feud with his former business partner Kazuo Okada on Friday by removing the Japanese tycoon from the board of his Macau casino company.
Wynn Macau’s board voted to remove Kazuo Okada following allegations he made improper payments to overseas gambling regulators, a violation of U.S. anti-corruption laws.
Wynn Macau said its board “resolved” to remove Okada as a non-executive director immediately and said it was in the “best interests” of the company.
Okada is the biggest shareholder in Wynn Macau’s parent company, Wynn Resorts Ltd., but the company is trying to forcibly buy him out.
Wynn Resorts filed a lawsuit against Okada after an investigation unearthed cash payments and gifts to the regulators.
“After due consideration of the independent report, taking into account the company’s high ethical standards, the board determined it was obligated to remove Mr. Okada,” a company statement said, citing “unacceptable conduct” by Okada, his employees and associates.
Okada’s ouster is the latest step in a dispute between the former friends and billionaire business partners.
