A well-known casino operator is owning up to some serious misdeeds.
Last summer, news organizations reported that the Securities and Exchange Commission and Department of Justice were investigating Las Vegas Sands Corp.—which billionaire Republican Sheldon Adelson owns—for possible violations of the Foreign Corrupt Practices Act (FCPA). The Act prohibits bribery of foreign officials. On Friday, Sands disclosed in a regulatory filing that its board’s audit committee had reached a preliminary finding that “there were likely violations of the books and records and internal controls provisions of the FCPA.”
The findings relate to business deals that ex-Sands executives conducted in China. According to Thomson Reuters, Sands allowed an organized-crime figure to move a $100,000 gambling credit from a Las Vegas casino to one of its Macau casinos.
Sands said in the filing that the investigations would have no impact on its financial records and that it wouldn’t have to restate any previous financial statements.
Read Bloomberg Businessweek for more details about the FCPA investigations.
For more recent FCPA-related coverage from InsideCounsel, read: