Chief Stipe Posted February 11 Share Posted February 11 Internal Affairs to prosecute SkyCity, firm faces fine of up to $8m www.nzherald.co.nz Gaming regulator the Department of Internal Affairs plans to prosecute NZX-listed SkyCity Entertainment Group and SkyCity Casino Management, which holds the licences for the Auckland, Hamilton and Queenstown operations. The court action, revealed in ASX and NZ market filings by SkyCity, is for allegations the company breached the Anti-Money Laundering and Countering Financing of Terrorism Act. An investor conference call is planned for 11am today, when management would speak about the announcement. The company said today it was “disappointed” it had not met the standard to which it needed to hold itself. AdvertisementAdvertise with NZME. The gaming giant would engage with the department on proposed proceedings, to resolve these matters expeditiously. Given that the matter will be before the court, it would be inappropriate for SkyCity to comment further at this stage, it said. The move follows a review of SkyCity Management’s compliance with the act. “Draft pleadings have been provided to SkyCity setting out five separate causes of action. Those causes of action allege significant compliance issues in relation to the act. These are largely, although not exclusively, historical matters. Some matters relate to incidents of non-compliance which have previously been self-reported to the department,” the announcement said. AdvertisementAdvertise with NZME. Since late 2021, SkyCity had changed to address compliance systems and correct historical shortcomings. “This has involved, and continues to involve, significant investment in people and technology, and various reviews of SkyCity’s processes and systems to identify areas which require improvement,” it said. “In the event the department’s claim was to be accepted in whole or in part by the High Court, SkyCity Casino Management would be subject to a civil penalty to be imposed by the court as set out in subpart 3 of the act. Under the act and relevant case law, SkyCity and the department assess SkyCity’s maximum liability in relation to these claims as being $8 million in aggregate. “SkyCity is committed to continuing to uplift its processes and systems, particularly with respect to AML/CFT and host responsibility matters,” it said. On September 9, the company said the department had applied to temporarily suspend SkyCity’s license in New Zealand. That followed a complaint in February 2022. A former customer gambled at the SkyCity Auckland casino from August 2017 to February 2021. The department secretary said SkyCity Casino Management did not comply with requirements in its Auckland host responsibility programme relating to detection of incidences of continuous play by the customer. The Herald reported how those threats last September had spooked investors, with a bombshell announcement wiping a quarter of a billion dollars off the company’s market value. A SkyCity spokesman then said the company disclosed to the market information about this and without delay as per NZX rules. “We didn’t know about the DIA’s application at the time of the annual results,” the spokesman said of Internal Affairs’ actions. Anne Gibson has been the Herald’s property editor for 24 years, has won many awards, written books and covered property extensively here and overseas. Quote Link to comment Share on other sites More sharing options...
the galah Posted February 12 Share Posted February 12 (edited) 2 hours ago, Chief Stipe said: On September 9, the company said the department had applied to temporarily suspend SkyCity’s license in New Zealand. That followed a complaint in February 2022. A former customer gambled at the SkyCity Auckland casino from August 2017 to February 2021. The department secretary said SkyCity Casino Management did not comply with requirements in its Auckland host responsibility programme relating to detection of incidences of continuous play by the customer. The Herald reported how those threats last September had spooked investors, with a bombshell announcement wiping a quarter of a billion dollars off the company’s market value. If the brodster was involved it would have all been a cunning plan. He would have discovered his employee was taking money from him and gambling at sky casino,but the brodster would have suffered no financial loss,as he would have seen it coming and taken out fidelity/employee dishonesty coverage insurance. Then,knowing sky had not properly monitored the employees losses,would have hatched his cunning plan. He would have taken the employee aside ,given him intensive couselling,everything is intensive these days and facilitated participation in a cultural healing programme. Then the second part of his cunning plan would have kicked in. He would have talked the employee into complaining to internal affairs.,knowing that an offficial complaint would lead to an investigation and knowing once that became public the shares would drop big time,like they did. Then the brodster would swoop in ,buy the shares at the discounted price they were in mid november,using the large profits he made off cup week and once the shares went back up,like they did last week,sold them off with a huge profit. And the brodster legend would grow even bigger,if thats possible. Edited February 12 by the galah 1 Quote Link to comment Share on other sites More sharing options...
Rangatira Posted February 14 Share Posted February 14 On 12/02/2024 at 1:38 PM, the galah said: And the brodster legend would grow even bigger,if thats possible. Can't say I have ever heard of him. Quote Link to comment Share on other sites More sharing options...
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