🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Directors of Australia's Crown Resorts attack "deceitful campaign" in letter

Published 31/07/2019, 08:00 pm
© Reuters.  Directors of Australia's Crown Resorts attack "deceitful campaign" in letter
CWN
-
QAN
-

July 31 (Reuters) - Casino operator Crown Resorts CWN.AX on Wednesday dismissed media reports that it flouted visa rules to bring Chinese gamblers to Australia after the government ordered an inquiry into immigration officials' dealings with the company.

Since the weekend, media have said Crown hired travel agents with ties to drug traffickers to bring in the gamblers, knowingly allowed the gamblers to launder money at its casinos and pressured immigration officials to fast-track visas for high rollers.

After the reports, Attorney General Christian Porter said he referred the accusations to the Australian Commission for Law Enforcement Integrity, an anti-corruption body that investigates federal agencies, since they related to government officials. a open letter signed by its board, and circulated by the Australian Securities Exchange, Crown's directors said the company was being subjected to a deceitful campaign that had unfairly attempted to damage its reputation.

"Much of this unbalanced and sensationalised reporting is based on unsubstantiated allegations, exaggerations, unsupported connections and outright falsehoods," the directors said.

"Crown has not sought to circumvent visa requirements or compromise any process of identification or verification for immigration purposes," they added.

Signatories included Crown's Executive Chairman John Alexander, former finance department head Jane Halton, former communications minister Helen Coonan and Geoff Dixon, the former chief executive of Qantas Airways QAN.AX .

Founder and major shareholder James Packer did not sign the letter, as the billionaire has no executive or board position, despite owning a fifth of the company.

The letter reiterated previous company statements that it had a comprehensive anti-money laundering programme and a robust process for vetting junket operators, describing itself as "a highly reputable Australian and global tourism operator".

A Crown spokeswoman did not immediately respond to an email seeking further explanation of the letter.

Crown shares have fallen 6.4% in three trading days since media started running the reports.

Crown also denied withholding market-sensitive information in a letter published separately that responded to an Australian Securities Exchange query whether it had withheld information that might have influenced trade in its shares.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.