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Casino’s High-Roller Activity in Shambles
The ability to prevent fraud, money-laundering and tax evasion in
Crown Casino’s high-roller gambling operations was in doubt because of
the casino’s failure to follow proper procedures, the Federal Court has
In a decision late last month by the full court, justices Ronald
Sackville, Bradley Selway and Bruce Lander referred admissions by Crown
of "a failure… to comply with statutory and regulatory requirements
and to institute and maintain appropriate internal controls" to the
Victorian Casino and Gaming Authority.
The judges made their remarks in a decision on an appeal by Li Pei
Ye, reputed to be one of China’s largest property developers. Mr Ye had
sought to have overturned an earlier court decision that the casino did
not have to pay him $1.3 million he believed was owed to him.
The case included revelations of poorly authorised and poorly
documented transfers of millions of dollars, "commercial decisions" by
the casino to ditch proper procedure "at the top of the market" and
false entries on documents and suspect currency transactions.
The court dismissed Mr Ye’s appeal, ordering him to pay $1.7 million
in debt and interest outstanding from a July 2000 gambling spree that
racked up losses of about $5 million.
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2004 Online Casino News Archive