Las Vegas Sands Corp. says it probably broke bribe law
Las Vegas Sands Corp. chairman and chief executive Sheldon Adelson and his wife, Miriam Ochsorn, attend the 2011 Sands China general meeting in Hong Kong. Adelson's company told the Securities and Exchange Commission in a filing March 1, 2013, that it probably broke a U.S. law on bribing foreign officials. Credit: AP, 2011
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.
In its annual report, filed Friday with the SEC, the company said that 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.
The company said that 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 in its weekend edition that the findings were related to business deals in mainland China led by executives no longer with the company.
The company said in its annual report that it believed the SEC investigation stemmed from a lawsuit filed in 2010 in Nevada by Steven C. Jacobs, the former chief executive of its Chinese subsidiary. Jacobs is seeking unspecified damages. Las Vegas Sands said in the filing that it couldn't predict the outcome of the still-pending case but will defend itself vigorously.
The Journal reported that Nevada gambling regulators are also investigating the matter, citing people familiar with the case.
In recent years, Las Vegas Sands has expanded aggressively in Asia, building a casino business in the China's gambling resort district, Macau.
The company, named for the famous casino that was torn down in 1996, also operates the Venetian and Palazzo casinos in Las Vegas.
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