Las Vegas Sands admits “likely violations” to US FCPA

The company mentioned this in its annual report, filed on Friday, saying its audit committee made the findings after receiving a subpoena from the U.S. Securities and Exchange Commission, which “may have emanated” from the lawsuit filed by former Sands China Ltd chief executive Steve Jacobs, who alleges he was wrongfully fired.

Las Vegas Sands is the parent company of Macau-based gaming operator Sands China.In a clarification statement issued today, Las Vegas Sands said, “no violations of the anti-bribery provisions of the FCPA have occurred.”

Las Vegas Sands said the “likely violations” referred to the accounting provisions of the FCPA. “A potential violation of the accounting provisions could range anywhere from a single transaction recorded incorrectly to other errors in the accounting records,” today’s statement said.

Las Vegas Sands said on Friday it did not believe the findings would have a material impact on its financial statements, adding it was cooperating with investigations. It didn’t provide further details.

The U.S. authorities are currently investigating the company over its activities in the mainland, including attempts to set up a trade centre in Beijing and create a sponsored basketball team, according to media reports.