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The Las Vegas Sands Corporation (NYSE:LVS) has disclosed that it probably broke a federal law that forbids businesses to bribe foreign government officials in a filing made with the Securities and Exchange Commission (SEC) on Friday. The disclosure comes on the heels of an internal Las Vegas Sands Corp. investigation that was initiated two years ago when it receive an SEC subpoena demanding the company provide documents related to its compliance with the Foreign Corrupt Practices Act.
According to an unnamed Wall Street Journal source, the bribery allegations were related to the company’s business dealings in China involving several company officials who are no longer employed by Sands. Las Vegas Sands derives approximately 60 percent of its revenue from China.
Although the audit committee concluded that the “likely violations” of the federal anti-bribery law would have a negligible effect on the company’s finances, this disclosure may invoke penalties in the investigations headed by the Department of Justice and the SEC.
Sands also disclosed that it believes the federal investigations were triggered by a lawsuit filed by the former Sands China Ltd. CEO Steven Jacobs, who alleges he was fired because he refused to use “improper leverage” against Macau government officials. Jacobs alleges that he was directed to do so by Sheldon Adelson, the 79-year old chairman and CEO of the Las Vegas Sands Corporation.
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