Kazuo Oakada quits Wynn board before shareholder meeting

In the latest twist to the ongoing saga at Wynn Resorts, Japanese tycoon Kazuo Okada has quit the company's board. His resignation comes a day ahead of a shareholders' meeting, which was widely expected to vote for his removal. Relations between Steve Wynn, chief executive of the firm, and Mr Okada have soured amid allegations of illegal payments to regulators by the latter. Mr Okada has denied the allegations, but his appeal to block the shareholder meeting was rejected by a US judge. "I no longer believe it is appropriate for me to serve on the board of directors of a company that is behaving in a manner that I deeply believe to be unethical," Mr Okada said in a statement. He added that the board, "has refused my reasonable requests to promptly investigate what appears to me to be misconduct by Steve Wynn, and thus is under the dictatorship of Mr Wynn and fails to fulfil its original function". source:cnn