Reuters: Regulatory News: Okada files new claim in battle for Wynn Resorts stake

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Okada files new claim in battle for Wynn Resorts stake Jun 15th 2012, 03:06 Macau, June 15 | Thu Jun 14, 2012 11:06pm EDT Macau, June 15 (Reuters) - Japanese pachinko tycoon Kazuo Okada escalated his legal battle against Las Vegas mogul Steve Wynn by filing a motion for a preliminary injunction to protect his stake in Wynn Resorts. Okada asked a judge on Thursday to immediately restore the rights of his subsidiary, Aruze USA, as the largest shareholder of Wynn Resorts and also and filed an amended counterclaim against Wynn and individual board members. Okada, who helped bankroll Wynn's casino empire starting in 2000, has been fighting to claw back his once 20 percent stake in Wynn Resorts that Wynn forcibly bought back at a steep discount after producing a report that said Okada had engaged in "improper" activities. Okada, chairman of Tokyo-listed Universal Entertainment Corp , said in a Nevada court filing that Wynn "indulged in fraud, deception, theft and betrayal to maintain control of his gaming enterprises." The testy battle that erupted in January when Okada sued Wynn for denying him access to key financial documents has placed a spotlight on corporate governance in the gambling industry at a time when casinos are mushrooming throughout Asia.

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