(Adelson's)Sands China deals probed by U.S. for possible bribery violations-WSJ

Source: Reuters

Aug 10 (Reuters) - U.S. authorities are investigating Macau casino operator Sands China Ltd, controlled by Las Vegas gambling mogul Sheldon Adelson, on possible violations of anti-bribery regulations, the Wall Street Journal said on Friday.

The U.S. Justice Department and the Securities and Exchange Commission are investigating whether Sands China violated the Foreign Corrupt Practices Act, the Journal reported, citing documents and sources.

The investigation comes after allegations made by the former head of its Macau operations, Steve Jacobs, in a wrongful-termination lawsuit. Jacobs was ousted after he questioned the company's relationship with a politically connected Macau lawyer, the paper said.

The U.S. government and the company itself are also conducting investigations into at least three transactions in China, the paper reported, citing documents from the audit committee of the Sands board of directors.

The transactions include a $50 million payment for real estate for the Adelson Center, a business development operation that was never opened. Also under scrutiny is Sand's sponsorship of a Chinese basketball team and a contract for ferry service between Macau and Hong Kong, the paper said.

Read more: http://in.reuters.com/article/2012/08/10/sandschina-probe-idINL4E8JA1D620120810

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Sands China Deals Scrutinized
U.S. Investigators and Board Inquiry Examine Real-Estate Payment, Team Sponsorship, Ferry Deal

By ALEXANDRA BERZON And KATE O'KEEFFE

In the fall of 2007, during the Chinese ambassador's tour of the U.S., one stop was Las Vegas Sands Corp.'s LVS -0.35% Venetian casino, where he helped celebrate the announcement of a planned Adelson Center for U.S.-China Enterprise in Beijing. Guests dined on shark fin soup and other Chinese delicacies.


The Center—funded by Sands and named after the Sands CEO—was designed to help small and medium-size U.S. businesses break into the Chinese market. It never opened, although it was under development for 18 months.

It is now under scrutiny by the Justice Department, the Securities and Exchange Commission, and the company's audit committee for possible violations of antibribery laws, according to company documents and people familiar with the inquiries.

more: http://online.wsj.com/article/SB10000872396390443537404577578900341481654.html