Adelson’s Sands ‘Likely’ Violated FCPA Law

Saturday, 02 Mar 2013 02:32 PM

By Paul Scicchitano

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Sheldon Adelson’s Las Vegas Sands Corp. on Friday disclosed that it had ‘likely’ violated U.S. antibribery laws in conducting a series of business deals in China.

The parent company of Venetian Macao Limited which operates The Venetian Resort Hotel Casino and the Sands Expo and Convention Center, made the disclosure in its annual report to the Securities and Exchange Commission, according to The Wall Street Journal.

The findings were based on an internal review by the board’s audit committee, which notified the company of a preliminary finding of “likely violations of the books and records and internal controls provisions” of the antibribery law,” the Journal reported.

Citing a person familiar with the matter, the publication said that the business deals in question were conducted on the Chinese mainland by executives who are no longer with the company.

A company spokesman declined to comment on the matter, according to the publication.

Two years ago the Sands acknowledged that it was being investigated by the Securities and Exchange Commission as well as the Justice Department under the Foreign Corrupt Practices Act. It hired O'Melveny & Myers LLP to investigate and turn over information to the Justice Department, according to the Journal.

The publication said that the business deals in question included a failed attempt to build a trade organization in Beijing, which would have been named after Adelson, the company’s chairman and CEO, as well as sponsorship of a basketball team in China.

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