U.S. Casino Operator Admits Possible China Corruption Link

March 4, 2013 | Print | Email Email | Comments | Category: Business & Society, Law & Order






Las Vegas Sands Corporation issued its latest financial report, including an admission that it notified the U.S. Securities and Exchange Commission of possible violations of the Foreign Corrupt Practices Act.

In LVSC's report issued on March 1, 2013, the company said that on February 9, 2011, it received a subpoena from the SEC requesting that it produce documents relating to its compliance with the FCPA. The company says it has also been advised by the U.S. Department of Justice that it is conducting a similar investigation.

LVSC's statement did not directly say the FCPA admission is connected its China dealings, but news reports over the last year point to LVSC's Macau casino as a likely genesis of these corruption links. The Wall Street Journal, for example, reports that these latest admissions were related to LVSC's running of its casino in Macau by company executives who have since departed the company.

LVSC says the FCPA information provided to company management by its audit committee and its counsel show the findings will not have a material impact on the financial statements of the company and will not warrant any restatement of the company's past financial statements.


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