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Hong Kong Regulator Investigate Sands China For Alleged Misgivings
Hong Kong Regulator Investigate Sands China For Alleged Misgivings
Hong Kong regulator investigates Sands China for alleged breach of regulations involving accusations of bribing foreign officials.
Porto,
Porto,
Portugal
(prbd.net)
25/05/2011
Porto,Portugal : Hong Kong Regulator Investigate Sands China is a prominent gaming hotel and resort developer in Macau, a former Portuguese colony and now one of the best known addresses for gambling in the world along with Las Vegas. It is one of the six groups licensed to operate in Macau. The company also has a subsidiary working in Las Vegas which operates the online casino resorts and hotels in the US.
The company’s New York listed flagship Las Vegas Sands has disclosed that the US federal and state authorities were investigating the company for its breaching of laws that prohibit bribing of foreign officials. The recent news headlines Hong Kong Regulator Investigate Sands China have led to the company’s shares sliding substantially in the Hong Kong stock market.
The company has released a statement to the Hong Kong stock exchange that is has been asked to produce documents by the regulator Securities and Futures Commission but has declined to provide any further details. It is being revealed by those who are in the know about the happenings at Sands China that the decision to allow Hong Kong regulator investigate Sands China was taken a few months ago before the news about the US investigations broke out.
At the core of the case is the wrongful termination lawsuit filed in the US last year by former chief executive of the company, Steven Jacobs. The former executive has alleged in his Nevada court filing that he was terminated without just and valid reasons after he resisted their demands to use improper leverage against some senior officials of the government of Macao.
Mr. Jacob further alleges that he was asked not to disclose the truthful information and documents related to the case to the Sands China board. The Board it is said wanted to decide whether information related to financial matters of such nature and corporate independence should be disclosed to the Hong Kong stock exchange. He has named the chairman of the board of directors, Mr. Adelson as the person who asked him to conduct secret investigations of Macau government officials so that information gathered can be used against them illegally and to the company’s advantage.
The Securities and Futures Commission regulates al companies listed on the HK stock exchange and has been very strict on companies that provide misleading information or conceal vital statistics from the public. However, people familiar with the working of the Securities and Futures Commission say that the investigations will take about four to six months to be completed. Hong Kong Regulator Investigate Sands China will therefore be under the scanner till then.
Mr. Adelson has said that all allegations leveled against him by Jacobs are baseless. He was speaking at a conference in LA last week and said, “When the smoke clears, I am absolutely not 100 percent but 1000 percent positive that there will be no fire below it. We are going to be found absolutely clean.” He has brushed off the case where the Hong Kong regulatory investigate Sands China as “nothing serious” and even stated that no government official is going to admit to taking money under the table. Visit the site www.onlinecasinoedition.com to learn more about the Hong Kong Regulator Investigate Sands China case. Find more information about Online Casino on the site www.onlinecasinoedition.com
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