LAS VEGAS, April 7, 2016 /PRNewswire/ -- Las Vegas
Sands Corp. (NYSE: LVS) today announced that after more than five
years, the Securities and Exchange Commission (SEC) has closed its
exhaustive investigation of the company for its compliance with the
United States Foreign Corrupt Practices Act (FCPA).
The SEC made no finding of corrupt intent or bribery by Las
Vegas Sands. The company neither admitted nor denied any of the SEC
findings. The administrative order from the SEC includes a
$9 million civil monetary penalty
under the internal controls and books and records provisions of the
FCPA and an agreement to retain an independent compliance
consultant for a period of two years.
Since its receipt of the February 9,
2011 subpoena from the SEC, the company has disclosed its
belief that the investigation was a result of allegations made in
an employment lawsuit filed by Steve
Jacobs, a former executive who was employed by the company
for only nine months.
Regardless of the origins of the subpoena, the SEC's
comprehensive investigation, including the allegations made by
Jacobs, is resolved via the commission's findings.
Ultimately, not one of Jacobs' allegations was the basis for those
findings.
The SEC findings were primarily related to projects which
started in 2006 – a period long before Steve Jacobs' tenure began with the company or
any of its subsidiaries. The projects were orchestrated through a
consultant whose activities under a former company president and
other former employees were not sufficiently monitored.
The SEC's conclusion was consistent with the preliminary
findings of the company's audit committee, which were disclosed in
the company's 2012 annual report.
"We are pleased to have the matter resolved. We are
committed to having a world class compliance program that builds on
the strong policies we already have in place. While we
started corrective action on this particular matter prior to the
initiation of the government investigations, we understand that
running an industry-leading compliance operation takes time,
resources and the full support of senior management – I'm proud to
say our company has exactly that," stated Las Vegas Sands Chairman
and Chief Executive Officer Sheldon G.
Adelson. "We will build on this experience, which has
reemphasized to our 50,000 team members worldwide the same values I
have made the foundation of my seven decades in business –
integrity and reputation matter."
At the time of the events in question, the company's compliance
function was shared with the legal function. Today, it is a
free-standing function with enhanced financial controls, an
independent global controller, a larger internal audit program, and
a newly created board compliance committee, which is in addition to
the existing oversight functions of the board's audit
committee.
About Las Vegas Sands Corp.
Las Vegas Sands (NYSE: LVS) is the world's leading developer and
operator of Integrated Resorts. Our collection of Integrated
Resorts in Asia and the United States feature state-of-the-art
convention and exhibition facilities, premium accommodations,
world-class gaming and entertainment, destination retail and dining
including celebrity chef restaurants and many other amenities.
Our properties include the five-diamond Venetian and Palazzo
resorts and Sands Expo Center in Las
Vegas, Sands Bethlehem in Eastern
Pennsylvania, and the iconic Marina Bay Sands in
Singapore. Through majority
ownership in Sands China Ltd., LVS owns a portfolio of properties
on the Cotai Strip in Macao,
including The Venetian Macao, The Plaza and Four Seasons Hotel
Macao and Sands Cotai Central, as well as the Sands Macao on the
Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by
the core tenets of delivering a great working environment for
nearly 50,000 employees worldwide, driving impact through its Sands
Cares corporate citizenship program and leading innovation with the
company's award-winning Sands ECO360° global sustainability
program. To learn more, please visit www.sands.com.
Contacts:
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Investment
Community:
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Daniel
Briggs
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(702)
414-1221
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Media:
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Ron Reese
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(702)
414-3607
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SOURCE Las Vegas Sands Corp.