April 7, 2016
Posted May 2, 2016
Resort company Las Vegas Sands Corp. (LVS) will pay $9 million to settle charges of violating the Foreign Corrupt Practices Act (FCPA). An SEC investigation found that LVS kept inaccurate books and records and frequently lacked supporting documentation or proper approvals for more than $62 million in payments to a consultant in Asia. The consultant acted as an intermediary to obscure the company’s role in certain business transactions, such as the purchase of a basketball team to play in the Chinese Basketball Association (which does not permit gaming companies to own team) or the purchase of a building in Beijing from a state-owned company (where casino gambling is not permitted). SEC
Tagged in: FCPA,