Casino operator Las Vegas Sands Corp.(NYSE:LVS)may have violated a federal law that does not allow bribery of foreign officials, the company said in a regulatory filing on Friday.
According to the filing made the company, two years ago the U.S. Securities and Exchange Commission had sought details relating to the compliance with the Foreign Corrupt Practices Act.
After receiving the subpoena from the SEC, the board’s audit committee opened its investigations into the case.
Based on the findings of the investigations the audit committee found that prima facie it looked like there were likely violations of the books and records and internal controls provisions of the anti-bribery law.
The company, however, does not expect these finding to have any material impact on its financials.
In its filing the casino company said that it had improved its record-keeping and internal-controls practices in recent years, and added that the audit committee’s investigation was continuing.
According to a report in the Wall Street Journal, the findings were related to business deals in mainland China led by executives no longer with the company.
The SEC investigation itself has been sparked off by a lawsuit filed in Nevada in 2010, by the former chief executive of its Chinese unit Steven C. Jacobs, who is seeking damages.
According to the WSJ, gambling regulators in Nevada are also investigating the matter.