Las Vegas, Nevada – Las Vegas Sands Corp pays nearly $7 million to settle a corrupt practices investigation


Posted on the 20th of January 2017

Las Vegas, Nevada – Las Vegas Sands Corp pays nearly $7 million to settle a corrupt practices investigation

Las Vegas Sands Corp has agreed to pay $6.96 million to US authorities to settle a corrupt practices investigation. The 5 year corrupt practices investigation found that between 2006 and 2009, the company transferred approximately $60 million to a consultant to promote its business and brands, and help it do business in China and Macau. The consultant was paid $5.8 million without any “discernable legitimate business purpose,” according to settlement papers.

Investigators claimed that the consultant was used to engage in questionable real estate dealings in Beijing, and to hide the company’s efforts to purchase a Chinese basketball team, because the Chinese Basketball Association prohibits its franchises from being owned by gambling companies.

The $6.96 million penalty is in addition to a $9 million civil payment the company made in April to settle a federal Securities and Exchange Commission investigation that found some payments to the consultant weren’t properly authorized or documented.

“The company is pleased that its cooperation and long-term commitment to compliance were recognized in reaching this resolution. We are equally pleased that all inquiries related to these issues have now been completely resolved,” said Las Vegas Sands spokesman Ron Reese.

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