The Australian Council of Superannuation Investors, a powerful advisory group representing Australia’s industry superannuation fund giants on governance, is calling on Crown Resorts directors to consider resigning following damaging revelations about their independence and oversight of the casino giant.
Powerful investor group calls for Crown directors to ‘reconsider’ their roles (SMH)
From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.
Credit Suisse believe it's time to examine the possibility of a Crown-Star tie up in light of both companies' reduced revenue from the pandemic and China's clampdown on overseas gambling activities.
Crown Resorts' former Chairman Robert Rankin may be referred to Australia's Securities and Exchange Commission for failing to protect the company's staff in China, a suitability trial in Sydney heard.
Crown Resorts says an agreement that allows its major shareholder to receive confidential information from the company has been terminated. Also, axed is an accord for Crown to request services from Consolidated Press Holdings at predetermined hourly rates.
While it may be the executives of Crown Resorts that are squirming in their chairs under questioning these past weeks at the Sydney probity hearings, the revelations are also casting a harsh light upon the failures of the regulators in a neighboring state, the VCGLR.
The series of embarrassing revelations from a suitability probe in Sydney continue, with Crown Resorts Chair Helen Coonan admitting the company may have enable money laundering through "ineptitude."
What began with some bad news headlines, then developed into a special probity hearing in New South Wales, and has now become a full-scale governance crisis for Crown Resorts, with the newly announced Australian Transaction Reports and Analysis Centre (AUSTRAC) investigation posing a particular threat.
Shares in casino operator Crown Resorts have plunged as much as 10 percent after the financial crimes regulator AUSTRAC launched an investigation into compliance with anti-money laundering and counterterrorism financing laws.
As the new week dawns, our attention remains focused on Crown Resorts, which holds its AGM after yet another week of devastating testimony at the NSW Independent Liquor and Gaming Authority (ILGA) probity inquiry.
Australian Transaction Reports and Analysis Centre (AUSTRAC) has delivered formal notice to Crown Resorts that it has identified potential non-compliance at the firm with its responsibilities in relation to anti-money laundering rules.