ProPublica: Top GOP funder says company 'likely' broke law

But transactions still shrouded in mystery
Tom Jackson
Mar 5, 2013

 

 

By Stephen Engelberg

ProPublica, March 4, 2013, 3:57 p.m.
Last week's admission by Sheldon Adelson's casino company that it had "likely" violated provisions of the federal law barring U.S. companies from bribing foreign officials raises some intriguing questions. Chief among them: Which transactions by Las Vegas Sands and its far-flung subsidiaries are at issue?
Adelson, one of the world's richest men, came to public prominence during the 2012 campaign, when he and his wife Miriam donated at least $98 million to various candidates and groups. Included was $30 million for the Restore Our Future super PAC that supported Mitt Romney and $20 million to Winning Our Future, a super PAC that backed Newt Gingrich. Late in the campaign, Adelson asserted that federal investigators had targeted his company because of his political activity.
The terse statement filed with the Securities and Exchange Commission by Las Vegas Sands noted "likely violations of the books and records and internal controls provisions of the FCPA" (Foreign Corrupt Practices Act) had come to light after three independent members of the board investigated "matters" raised by a February 2011 subpoena from SEC investigators and by an ongoing Justice Department inquiry.
In a news release issued Sunday, the company said the violations it had detected related to the "accounting provisions" of the law, not its "anti-bribery provisions."
Several news organizations have examined Las Vegas Sands' efforts to build its gambling business in Asia. The Investigative Reporting Program of the University of California, PBS Frontline and ProPublica published a story last year that disclosed the role of a local lawyer/legislator in overcoming regulatory hurdles in Macau, an autonomous region of China that is home to some of the company's most lucrative casinos.
Subsequently, The New York Times and The Wall Street Journal wrote detailed stories that centered on Yang Saixin, a shadowy Beijing businessman who told the Times that Las Vegas Sands had paid him $30,000 a month until his firing in 2009.
According to the Times' account, the company provided more than $70 million to companies tied to Yang to construct a trade center in Beijing and sponsor a basketball team. Several million dollars were "unaccounted for" after those projects were shut down, the Times reported.
Las Vegas Sands has declined to elaborate on its filing but did tell the SEC that "in recent years, the Company has improved its practices with respect to books and records and internal controls."
(ProPublica offers "Journalism in the Public Interest." This story also is available here.)
 
 

Comments

rickross2

Sponsored from around the web....My middle finger. Know it, live it, love it!

deertracker

A fool and his money will soon part!

Contango

deertracker writes:

"A fool and his money will soon part!"

As one who lost $ in the stock mkt., you obviously know what you're writing about eh? :)

Speaking of criminal behavior, looking forward to the perp walk of that crime boss Atty. Gen. Holder.

coasterfan

Ah, yes. Contango plays the familiar "It's ok that we are dishonest; they do it, too" card.

Contango

@ coasterfan:

Ask your pal Jesse Jackson, Jr. about abuse of campaign funds.

deertracker

I did not lose money, it was stolen by the Wall St crooks. The crime boss was Gonzales not Holder....nice try. Millions of people were ripped off. That could be why you were no longer economically viable. Happens to the best of us and the worst!

Contango

deertracker writes:

"I did not lose money, it was stolen by the Wall St crooks."

And so I agree with you about a fool and his money!

Not "economically viable?" lol

Thanks for the laughs this morning!!!

The Big Dog's back

Poor sheldon. Couldn't buy himself a President.

Darwin's choice

No, but George Soros did..........

The Big Dog's back

Obviously Soros got more bang for his buck since he was well out spent by sheldon and the kroch brothers.

Darwin's choice

Well, when the buck gets done banging you, remember how pleasured you are with obama.

2cents

-

Pete

Brutus,
I read Chavez passed on. I know he was a hero and idol to you. I am sorry for your loss.
Pete

SamAdams

There's too much money in politics on BOTH sides of the aisle. And where there's that much money, there's inevitably corruption. Again, neither party can claim sainthood here.

I've long believed that there should be a pool of money and candidates that get a certain number of signatures on a petition (depends on the nature of the office) should each get equal amounts of that money. They can spend it however they like, but when it's gone, it's gone. That's REALLY leveling the playing field!

In the 2012 elections, BILLIONS of dollars were spent. There are probably other (and frankly better) candidates out there who AREN'T independently wealthy, or who HAVEN'T been bought by rich backers. But we won't be hearing from them because, at the moment, money talks, BS walks (politics, hello?), and ethics and integrity are nowhere to be found.

Sad...for ALL of us!