Mounting pressure on Star amid investigation | Liverpool City Champion

Star Entertainment is facing a class action lawsuit from shareholders in addition to a public inquiry over whether it should keep its Sydney casino license.

Law firm Slater and Gordon has filed a class action lawsuit against Star, seeking compensation from shareholders for allegations of “misleading or misleading representations” regarding its compliance with regulatory obligations.

The law firm says investors have a strong case as an investigation by the NSW gaming regulator found the casino operator deceived its banks and the regulator ignored the risks of money laundering and had not acted in an ethical manner.

The investigation continues on Wednesday with ongoing evidence from a senior Star Entertainment executive responsible for providing financial and business advice to the gaming giant’s international arm.

The NSW Gaming Regulator is investigating whether Sydney Casino, and its owner Star, have been infiltrated by criminal activity, and whether the site’s casino license should be withdrawn following damning reports in the media.

The investigation was triggered after media alleged that Star had allowed suspected money laundering, fraud and foreign interference, as well as organized crime, at gambling venues, including its Sydney casino. .

Star Chief Financial and Trade Officer Michael Whytcross will continue his testimony on Wednesday after previously informing the inquest of efforts to funnel money overseas to the casino after Macau-based bank accounts were closed in 2017.

Other witnesses due to be called this week include general counsel Oliver White and Andrew Power, and chief legal officer and chief risk officer Paula Martin.

Mark Walker, senior vice president of premium services operations at Star Entertainment is also set to testify.

The investigation has so far learned how China Union Pay – a Chinese financial services company – banned gambling transactions on its debit cards, but Star was able to disguise the bets as hotel accommodation charges. .

He was also told about a controversial private gambling hall, Salon 95, which is part of the casino’s so-called “international discount business”, known as junkets.

Overwhelming evidence from the casino practices investigation led to the resignation this week of Star Entertainment chief executive Matt Bekier.

The inquiry is due to conclude public hearings on Friday.

Australian Associated Press

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