Sands China under investigation by Hong Kong Regulator
Jacqueline Wu, a spokeswoman for the Macau casino operator, and Ernest Kong, a spokesman for the Hong Kong regulator, declined to comment.
Controlling shareholder Las Vegas Sands on March 1 said it received a subpoena from the U.S. Securities and Exchange Commission to produce documents related to its Macau operations’ compliance with the Foreign Corrupt Practices Act. Steven Jacobs, fired as Sands China’s CEO last year, claimed Las Vegas Sands demanded he use improper “leverage” to win government concessions, according to a complaint he filed in Nevada.
“When the smoke clears, I am absolutely, not 100 %, but 1,000 % positive that there won’t be any fire below it,” Adelson said, referring to the U.S. probe, at a March 28 J.P. Morgan conferences in Las Vegas.
“The incident is hurting investor sentiment,” said Credit Suisse Group AG analyst Gabriel Chan. “If the investigation is an extension to Steven Jacobs, it will not be a big issue in the short term. Now the issue is we need to find out is if there is anything new.”
Las Vegas Sands rose 2 % to US$ 43.47 in New York trading yesterday and has more than doubled in the past year.
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