Marina Bay Sands has hired a top law firm in Singapore to look into potential employee transfers of more than $1 billion in clients’ funds to third parties, Bloomberg reports.
Davinder Singh Chambers was appointed after Singapore police began a probe of third-party transfers at Marina Bay Sands, the news agency said, citing unnamed people familiar with the situation.
The United States Department of Justice and Singapore authorities have already begun investigating practices at the casino, which is owned by Las Vegas Sands, following a lawsuit from a client.
According to the customer, $9.1 million of his money was transferred to other gamblers without his knowledge. That lawsuit was settled in June.
Marina Bay Sands told Bloomberg that the company has thoroughly reviewed the matter of client transfers and concluded that no patron funds were transferred contrary to the client’s intent.
Bloomberg detailed points raised in a prior investigation carried out with the Hogan Lovells law examining third-party transfers involving more than 3,000 authorization letters from 2013 to 2017. The probe found instances of employees failing to follow proper standards by filling in payment details on pre-signed or photocopied authorisation forms. It also said some documentation had been destroyed.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Nagasaki Governor Hodo Nakamura has announced that his prefecture’s RFP process would commence from January 7, showing his eagerness to get an early jump on compiling an IR licensing proposal that cannot be submitted until at least October, under the revised timeline.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.