February 24, 2012 / 5:06 AM / 5 years ago

Wynn Macau says removes Kazuo Okada from board

HONG KONG, Feb 24 (Reuters) - 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.

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