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Casino tycoon Sheldon Adelson’s Las Vegas Sands Corp. is under federal investigation into whether it has complied with the Foreign Corrupt Practices Act and a recently uncovered Wikileaks cable suggests Adelson may be in some hot water in China as well.
Adelson is alleged to have “bribed” foreign officials in exchange for lucrative business deals. His casino empire enjoys a massive presence in the Asian gambling Mecca of Macua.
From Salon.com:
The cable goes on to describe Adelson’s personal interest in direct engagement with Beijing and the intriguing matter of the “Adelson Center for U.S.-China Enterprise” in Beijing, a nonprofit that was to be financed with a whopping $100 million. A former Sands executive told an unnamed American official that the Chinese government forced Sands to close the center following government inquiries about “funds transfer mechanisms used by [Sands] to establish the now-closed USD 100 million Adelson Center.” The nature of those mechanisms is not specified.
The cable continues that Sands’ “current efforts in Beijing are designed in part to offset these early ‘missteps’” — but there is no elaboration on what the “missteps” were. Sands did not immediately respond to a request for comment.
Adelson has made headlines in recent weeks for his massive financial backing of US Presidential hopeful Newt Gingrich’s campaign.
Salon.com’s article on this subject is a must read.
- Aaron Goldstein, Gambling911.com
