Australia’s corporate regulator is suing 11 current and former directors and officials of casino operator Star Entertainment Group Ltd, including a former chief executive and chairman, for poor management of money-laundering risks. | Reuters
ASIC also alleged that the Board members had approved the expansion of Star’s relationship with certain individuals who reportedly had criminal links.
Star and its subsidiaries were not parties to the proceedings, it said in a statement. Star declined a Reuters request to provide contact details of the individuals accused by ASIC. Star Entertainment in a separate release said both of them will resign once their replacements are appointed, adding, Heap, the current chairman, and non-executive director Lahey, intend to contest the allegations.
Australia’s gambling industry has been under the regulatory scanner in recent years, with public inquiries lashing the biggest casino operators for shirking anti-money-laundering rules, dysfunctional governance and poor corporate culture.Last week, the Queensland government slapped penalties totalling A$100 million on Star and deferred a proposed suspension on its operations in the state on condition they be monitored.
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