BREAKING NEWS
Search
HONG KONG MACAU

Las Vegas Sands Corp. (NYSE:LVS) may have violated anti-bribery law

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.




Karen Loftus is a Minnesota native, she grew up in Hastings, Minnesota and graduated from Hastings High School. Her passion for news started at a young age. While in high school, she reported and anchored for the school's Friday news segment. Karen Loftus attended St. Cloud State University, majoring in broadcast journalism and minoring in political science. She joined SCSU's news station, UTVS News, in the beginning of her college career. During the summer of 2011, Karen interned at KSTP-TV in St. Paul where she was able to select and write stories for the Hubbard Broadcasting-owned station's web page and community websites. In her free time, Karen enjoys spending time with family, friends, and her family dog Vinnie. Karen enjoys living in the Midwest because of her love for the changing seasons and for her favorite sport, snowboarding. Karen loves to meet new people and to hear their stories. She is thrilled to be reporting in southern Minnesota and to continue to learn more about her new hometown.