In order to settle a 5-years case and investigation of the casino operator’s activities in China and Macau, Las Vegas Sands must pay $9m to settle the long-lasting case.
After more than 5 years of investigation into Las Vegas Sands’ business, The Securities and Exchange Commission (SEC) has finished looking into company’s history.
In the course of the investigation, the SEC discovered that books as well as records of LVS were inaccurate and often some important documents or approvals for more than $62m to a consultant between 2006-2011, in Asia, were missing.
SEC also determined that the consultant, which managed to purchase a basketball team and a building in China (where gambling is illegal), acted as an intermediary to mask the role of LVS in some of the financial transactions made by the company.
No traces of any corrupt intent nor a bribery were found during the investigation, yet, a penalty of $9m was ordered. SEC also instructed LVS to keep the compliance consultant apart for two years.
The Chairman of Las Vegas Sands and Chief Executive Officer, Sheldon Adelson, said: “”We are pleased to have the matter resolved”.
“We will build on this experience, which has re-emphasized to our 50,000 team members worldwide the same values I have made the foundation of my seven decades in business – integrity and reputation matter”, he added.
