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Las Vegas Sands Hit With Asian Bribery Fine

This week the US Securities and Exchange Commission announced that Las Vegas Sands will pay a $9 million fine in order to settle an investigation related to allegations that the company bribed Asian officials to obtain property.

The case is another setback for Sheldon Adelson's company, which also had to pay a $47 million fine to settle money laundering allegations in 2013. In this case, the SEC claims that Las Vegas Sands did not have documentation in regards to purchases made with a consultant that facilitated properties in China to the tune of $62 million. The gap in the paperwork lead to a $700,000 disparity in payments to that consultant.

In a statement the SEC noted: "At one point, LVS could not account for more than $700,000 transferred to the consultant for team expenses, yet continued to transfer millions of dollars to him. A portion of the payments were improperly recorded in company books and records, such as money supposedly spent on artwork for the building when none was actually purchased."

As a result of the fine, Las Vegas Sands does not have to admit wrongdoing, which is similar to the parameters set by the 2013 money laundering case.

Those interested in reading the SEC statement on the matter can do so here.

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bgsharpe
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13 April 2016 - 10:05pm
#1

This guy is everywhere, I guess he's not found guilty only for what he hasn't been accused. I'm not aware if Sheldon Adelson's is in prison now but if it's not certainly hope that he would be soon because all of the frauds he has done over the years.

lvblck
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14 April 2016 - 10:24am
#2

700k is a huge amount of money and this all seems very shady, I am quite sure there's somthing wrong in this whole situation and I wouldn't trust this guy even a bit.

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