Las Vegas Sands Ordered to Pay $7m Legal Dispute Fine
Las Vegas Sands Corp are on the cusps of resolving the investigation of business transactions in China and Macau, after the company was found guilty of failing to implement ‘internal accounting controls’ which led to false recordings of the transactions.
The Foreign Corrupt Practices Act (FCPA) dispute with the federal government and the investigation of company compliance was ongoing since 2011, with the Securities and Exchange Commission and Justice Department working separately in the enquiry.
The case is finally about to be closed as Sands officials moved to reveal on Thursday that the case will be be settled in non-prosecution manner as Las Vegas Sands Corp agreed to pay a £7 million fine to resolve the issue.
The company’s cooperation and long-term commitment to compliance work in favour of Las Vegas Sands, despite the internal control violations which included paying an estimated $5.8 million to an Asian Consultant Agency even though there were no business purposes for making such significant payments.
Sands Freed of Corrupt Intent
Ever since the investigation had been opened, Las Vegas Sands casino worked hard to expand the compliance and audit functions in order to ensure no regulations have been breached.
The company made no admission of guilt and was found to be free of corrupt intent or bribery. It also made significant changes to staff members and working personnel. The legal functions within the company related to compliance, internal audit and finance gatekeeping were assigned new managers, who will make sure no wrongdoing is made in the future.
As part of the settlement deal, Las Vegas Sands were required to hire an independent consultant who will be in charge of overseeing its business dealings in China And Macau.
In addition to two aforementioned businesses, Las Vegas Sands owns the Venetian and Palazzo, a facilities in Pennsylvania and Singapore.