A Macau appeals court has upheld a ruling that sees Wynn Macau acquitted of a US$1 billion compensation claim made by Japanese gaming mogul Kazuo Okada, Macau Business reports.
Okada was removed from the Wynn’s board of directors in 2012 after the firm claimed he was “unsuitable” and a risk to its licenses. He then filed a lawsuit against Wynn Macau and its founder, Steve Wynn, who had voted to cancel his 20% stake in the group.
As a result of various claims and his ousting from the board, Okada requested that Wynn Macau be liquidated, with compensation to be paid by the company.
However, in 2015, the Court of First Instance ruled that Okada lacked sufficient reasons to access the court regarding the claim of dissolution and it did not find that Wynn Macau in violation of the law, public order, or morality. The court also ruled that there was no link between Wynn Macau’s alleged illegal acts and Okada’s claims for damages.
Okada then appealed to the Court of Second Instance, which was dismissed on the grounds of “inconsistencies and incompatibility” between Okada’s claims and the facts invoked by him. (AGB)