This comes as the financial crime watchdog AUSTRAC filed its case against Crown Melbourne and Crown Perth in the Federal Court on Tuesday, alleging the company breached anti-money laundering laws “innumerable times” and slamming its senior leaders for having “wholly inadequate oversight” of its compliance.Īustrac alleges Crown failed to assess the risk of 60 “high risk” VIPs who bet “in excess of $70 billion” and lost $1.1 billion since March 2016. Mr Packer, who owns 37 per cent of the company via his private investment vehicle Consolidated Press Holdings, was Crown’s chairman for much of the period in which the misconduct occurred, with the Victorian inquiry describing his “harmful influence” over the Crown’s profit first culture.ĪSIC would not name the directors and executives it had let off the hook. However, ASIC’s move means that no findings will be made against them. Several high-profile heads to rolled following government inquiries into Crown over the past two years. The Joe Longo-led Australian Securities and Investments Commission told the former top executives it would not take them to court, following an investigation into whether they personally may have breached their obligations under the Corporations Act while they presided over the James Packer-backed casino empire.Ĭrown’s majority shareholder James Packer was slammed for the disastrous influence he had as a key contributor to the company’s practices and culture. The corporate regulator has told about 10 former Crown Resorts directors and senior executives they will not face charges for breaching director duties, on the same day as AUSTRAC sued the gaming giant over allegations that “high-risk” VIP patrons churned through more than $70 billion through its casinos.
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