Bloomberg April 2013: Okada Review Finds Wynn Resorts Probe ‘Deeply Flawed’
By Edvard Pettersson
An independent review commissioned by Kazuo Okada’s lawyers found that Wynn Resorts Ltd. (WYNN)’s investigation that cost the Japanese billionaire his 20 percent stake in the casino operator was “deeply flawed.”
The review by former Homeland Security Secretary Michael Chertoff found that Wynn Resorts’ independent investigation, conducted by former FBI Director Louis Freeh, was “structurally deficient, one-sided, and seemingly advocacy-driven,” Okada’s Universal Entertainment Corp. (6425) said today in a statement.
“This confirms what I have maintained since the day the Freeh report was issued and the Wynn Board moved to strip me of my stake in a company I helped found,” Okada said in the statement. “It’s obvious that the biased report was part of Steve Wynn’s campaign to eliminate me as a rival to his power within Wynn Resorts.”
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Fact Freeh 