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Packer evidence to continue for third day

by Richard Human (2020-10-18)

Billionaire James Packer will face a third day of examination at an inquiry which has exposed serious corporate governance failures in Crown Resorts.

The NSW gaming regulator is investigating whether Crown is suitable to operate a new Sydney casino in light of allegations its businesses have been used for money laundering and organised crime, and because of Mr Packer's 2019 agreement to sell a significant shareholding to Chinese company Melco Resorts.

The 53-year-old, who has been giving evidence from his super yacht moored in the South Pacific, was the company's executive chairman until 2015, and briefly served on its board later.

Here is more info about industry comment and in-depth interviews and features. casino life’s editorial is considered an important source of reference to succeed in a fast moving global industry by decision making professionals the world over. stop by the internet site. He remains a major shareholder.

Even after he stepped down from the board in 2018, Mr Packer received daily confidential information about the company's operations from its directors and management, the inquiry has heard.

Mr Packer will face questions over the company's anti-money laundering processes and its relationship with controversial Chinese junket operators.

He earlier conceded engaging in "disgraceful" conduct, which he blamed on bipolar disorder, for which he is now being treated.

He also accepted some, but not all, of the blame for major corporate governance failures which ultimately led to the arrest of Crown staff in China in 2016.

The inquiry will report in early 2021.

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