Sands says it likely bribed foreign official
LAS VEGAS – Las Vegas Sands Corp. said in a regulatory filing that it probably violated a federal law that prohibits bribing foreign officials.
The casino company said in a filing Friday that the Securities and Exchange Commission asked two years ago for records relating to compliance with the Foreign Corrupt Practices Act.
Las Vegas Sands, which is controlled by billionaire Sheldon Adelson, said that after it got the SEC subpoena on Feb. 9, 2011, the audit committee of the board of directors opened an investigation.
In its annual report, filed Friday with the SEC, the company said the audit committee “reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions” of the anti-bribery law.
Las Vegas Sands said that based on information from the audit committee and its lawyers, it expects that the findings will not have a material financial impact.
The company said it had improved its record-keeping and internal-controls practices in recent years, and added that the audit committee’s investigation was continuing.
The Wall Street Journal, citing an anonymous source, reported Saturday that the findings were related to business deals in mainland China led by executives no longer with the company.
© Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.