Arab Today, arab today sands china shares up after cleared in hk probe
Last Updated : GMT 02:15:51
Arab Today, arab today
Arab Today, arab today

Sands China shares up after cleared in HK probe

Arab Today, arab today

Arab Today, arab today Sands China shares up after cleared in HK probe

Hong Kong - AFP

Shares in the Macau unit of Las Vegas Sands rose on Tuesday after it was cleared by Hong Kong regulators following a nine-month probe, one of several investigations the casino giant is facing. Sands China said in late March that it was being investigated by the city\'s Securities and Futures Commission for alleged breaches of regulatory laws, but neither the firm nor the regulator has disclosed the nature of the probe. The Hong Kong action came shortly after US authorities launched a bribery probe into Las Vegas Sands over its compliance with laws that prohibit US firms from bribing foreign officials for favourable treatment. It is also under a similar investigation by the US Justice Department. Sands China said in a statement to the Hong Kong Stock Exchange, where it is listed, that it has received a confirmation from the regulator that \"the investigation has been concluded and that no further action will be taken\". Shares in the firm rose 0.48 percent to HK$20.85 ($2.68) on Tuesday. Its shares had tumbled nearly six percent when the Hong Kong probe was revealed on March 31. Sands is one of six firms licensed to operate casinos in Macau, the former Portuguese colony that is now the world\'s biggest gambling hub. Las Vegas Sands remains under the US investigation, an action the firm has said stems from a wrongful termination lawsuit filed by the former chief executive of the Macau unit, Steven Jacobs. Jacobs has claimed he was told to spy on government officials in the Asian gambling hub, and that he was forced to withhold information from Sands\' board, including claims of ties between the company and Macau\'s notorious triad gangs. The triad gangs have long reputed to operate in Macau\'s casinos. Sands has denied the claims, calling Jacobs a \"disgruntled\" former employee.  

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