Casino Operator Enquiry Over $900 Million Chinese Bank Payments

Crown were involved in similar breaches but Star is said to be even bigger

Many would not believe it following the damaging enquiries into Crown Resorts finding failings into social responsibility, corporate governance and involvement into organised crime using the casino to launder money, but once again there has been found systemic failings also at Star Entertainment.

These are the two biggest operators in Australia and now Star Entertainment is in the early stages of their enquiry and already it is clear the company was involved in money laundering.

It is day two only of the enquiry and two senior employees of the company that have stated Star received payments totalling $900 million from debit cards issued by the China Union Pay bank which the casino operator then passed on to gamblers accounts.

That breaches even Chinese governance rules banning such transactions use for gambling, this is similar to what Crown Resorts were doing but the enquiry heard that Star was doing it on a much larger scale. Not just that but executives from the casino operator lied to bank officials to hide the fact the monies were used for gambling.

This enquiry is set to be even more damaging to Star that Crown and that caused a complete collapse of senior executives and even their major shareholder, James Packer to sell the company to avoid even more sanctions.

Staff