HONG KONG Feb 24 Steve Wynn, the
billionaire gaming tycoon behind Wynn Resorts Ltd, has
succeeded in ousting his former friend and partner Kazuo Okada
from the board of casino operator Wynn Macau Ltd, the
latest twist in a legal battle that has implications for their
multibillion dollar businesses.
The decision to oust Okada would take effect immediately,
Wynn Macau said in a filing to the Hong Kong stock exchange.
"The board determined that it was obligated to remove Mr
Okada as a non-executive director given the unacceptable conduct
by Mr Okada, his employees and associates detailed in the
independent report," it said.
Wynn Resorts, valued at $14 billion, said on Feb. 19 that it
had forcibly redeemed Okada's nearly 20 percent stake in the
company, adding that an internal investigation headed by a
former FBI director showed Okada and associates had violated
U.S. anti corruption laws.
The dramatic falling out between the two self-made tycoons
burst into the spotlight in January and has longer-term
implications for their multibillion-dollar businesses.
Each of the partners of 12 years claims the other made
payments to win favour in their respective Macau and Philippines
markets and the battle has attracted the attention of legal
regulators, investors and analysts worldwide.