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Wynn Resorts plans shareholder vote on removing big shareholder Okada from board
NEW YORK (AP) ' Casino operator Wynn Resorts Ltd. plans to hold a special meeting for shareholders to vote on a proposal to remove the Japanese tycoon Kazuo Okada as a board member.
The move follows Wynn Resorts' announcement last month that a yearlong investigation showed that Okada repeatedly violated company conduct policies and U.S. anti-corruption laws. Wynn Resorts says it plans to reclaim the shares its biggest shareholder controls.
Okada's casino game company has said it will seek a court order to prevent the forced buyback.
Wynn Resorts said Tuesday in a regulatory filing that shareholders of record on March 30 will be allowed to vote at the meeting. The date has not been set yet.
It would take a vote of at least two-thirds of shareholders to remove Okada from the board.