21:22 ET<\/span>
\n<\/span><\/p>\nLas Vegas Sands, one of Asia’s biggest casino operators, is being investigated by regulators after an ex-employee accused it of making improper payments.<\/p>\n
The company said it was being probed by the Securities and Exchange Commission, and the US Department of Justice. <\/p>\n
Former Sands China chief executive Steve Jacobs accused the firm of using improper leverage against government officials. <\/p>\n
The company is controlled by billionaire Sheldon Adelson.<\/p>\n
Mr Jacobs made his allegations in a lawsuit he has filed against Las Vegas Sands. Mr Jacobs, who was fired by the company, is claiming breach of contract. <\/p>\n
Las Vegas Sands said it will co-operate with the probe, and denied the allegations. <\/p>\n
Global legislation<\/span><\/p>\nLas Vegas Sands said that the US watchdog and Department of Justice were looking into its compliance with the Foreign Corrupt Practices Act. <\/p>\n
The act makes it illegal for companies to give foreign officials improper payments. <\/p>\n
The company said that the Securities and Exchange Commission had asked it to produce documents related to its Macau operations.<\/p>\n
The Department of Justice was carrying out a separate probe, the company disclosed in its annual report.<\/p>\n
Carlo Santarelli, an analyst at Wells Fargo, said that “the headline risk will serve as an overhang on shares in the near term, until more on the matter is known”. <\/p>\n
Shares in the company, which operates three casinos in Macau, dropped more than 6% on the news in US trading. <\/p>\n
Shares of its Chinese <\/p>\n
‘Negative impact’<\/span><\/p>\nLas Vegas Sands’ growth is being driven by the success of its operations in Macau.<\/p>\n
The Chinese territory has become the world’s largest gambling market. <\/p>\n
On Tuesday, the company reported that net profit at Sands China Ltd, more than tripled in 2010 to $666.5 million.<\/p>\n
However, it warned that the ongoing investigation could have a further impact.<\/p>\n
“Any violation of the Foreign Corrupt Practices Act or applicable anti-money laundering regulation could have a negative impact on us,” it said.<\/p>\n<\/p><\/div>\n<\/p>\n
Read the rest here:
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