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Sands fires back after bribery allegations

By 69 News, follow: @69news, news@wfmz.com
Published On: Mar 11 2013 11:57:21 AM CDT
Updated On: Mar 04 2013 04:31:52 PM CST

Sands shoots down bribery claims

LOS ANGELES -

Las Vegas Sands Corp. is disputing a report that suggested the company bribed foreign officials.

On Sunday, the casino company fired back, saying the company "did not report any violations of the anti-bribery provisions of the FCPA  and it said news reports stating otherwise, such as the headline in Sunday's New York Times which described the matter by saying 'Casino Says it Likely Cheated,' are both inflammatory and defamatory."

In the company's 10-K disclosure filed with the Securities and Exchange Commission (SEC) on Friday, Sands officials said the company made no such statement and insists no violations of the anti-bribery provisions of the FCPA [Foreign Corrupt Practices Act] have occurred.

Instead, the company said that in its preliminary findings the company's Audit Committee had advised that there were "likely violations" of the books and records and internal controls provisions (i.e. "accounting provisions") of the FCPA.

A potential violation of the accounting provisions could range anywhere from a single transaction recorded incorrectly to other errors in the accounting records, according to Sands.

The company said it will "vigorously defend itself against that type of uninformed and misleading reporting."

Sands said its independent auditors issues an unqualified opinion on the financial statements for the year ended Dec. 31, 2012.