On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above.
After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ.
As part of the annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls.
The New York Times reports that the case roots from a 2010 lawsuit filed by the company’s former president of its operations in Macau, Steven C. Jacobs. Jacobs, in his 2010 lawsuit, claimed he was pressured by company officials to use leverage against of the Chinese administrative region’s government illegally.
We love headlines like this. Adelson, you’ll recall, is the casino magnate who single-handedly kept Newt Gingrich’s presidential campaign from collapsing so moons ago. He’s still a prominent Republican contributor, and the Democratic Congressional Campaign Committee—the party apparatus in charge of electing House Democrats—is in some hot water for making some sketchily-sourced claims about Adelson. They caved yesterday and apologized after Adelson threatened to sue. source
Well, that’s dirty: Sarah Silverman has an indecent proposal for GOP superdonor and casino magnate Sheldon Adelson — as long as he gives his $100 million to Obama. (PG-13 subject matter, FYI, probably NSFW; ht Distriction)
Obviously, maybe in a roundabout way, foreign money is coming into an American campaign.Sen. John McCain • Criticizing the recent $10 million donation casino magnate Sheldon Adelson made to Mitt Romney’s Super PAC by suggesting that Adelson likely used profits from properties he owns in the Chinese special administrative region of Macau to fund Romney’s campaign. (It’s an issue near and dear to McCain’s heart, as the campaign finance bill that Citizens United largely struck down, McCain-Feingold, bears his name.) The Las Vegas Sands head also played a heavy role in the primaries, heavily funding Newt Gingrich’s electoral efforts. While people from foreign countries cannot fund election efforts, McCain is arguing that efforts like Adelson’s skirt around this, due to the fact that Adelson is the leader of a multinational corporation. Follow McCain’s logic here?
The most important state for Newt is not Georgia, it’s Nevada.CNN analyst Alex Castellanos • Making a sly (and hilarious) reference to casino magnate Sheldon Adelson, who’s basically Newt Gingrich’s cash cow right now.
» A massive financial mind share: That’s almost $1 out of every $4 collected by all super PACs this election cycle, and certainly seems to explain exactly how we ended up with the remaining crop of Republican candidates that we have. Bob Perry is a former Tim Pawlenty supporter who switched to Team Romney with a $1 million dollar donation, while the Adelsons — who are ready to boost their support for Winning The Future from $10 million to $20 million — have provided the lifeblood of the Gingrich campaign. Of the remaining four candidates, only Rick Santorum finds himself without support, via Super PAC donations, from one of these five wealthy conservatives.
In response to Sheldon Adelson’s concerns about the Nevada caucuses conflicting with the Jewish Sabbath, Republican Party officials said Monday they were adding a special evening caucus session on Feb. 4 for Jewish voters marking the Sabbath. The session was expected to delay the reporting of results from the nominating contest by several hours.
Adelson had a good point, granted, but we’re surprised that a single man can have that much influence on a caucus.
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