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Star Entertainment's management and board cannot shirk responsibility for turning a blind eye to money laundering risks by pointing the finger at each other, ASIC has told a court.
Star has agreed to a $300 million deal that will see the embattled company taken over by US-based casino operator Balley's.
The suspension of Star's NSW casino licence has been extended for a further six months, as the company works to stabilise its finances.
On questioning by a judge, Star's former top lawyer has denied making a mistake by failing to tell the board about issues with junket Suncity in May 2018, but said her view was different now with hindsight.
During trial on Monday, ASIC also accused Star's former top lawyer of giving false evidence about alleged cash for chip transactions in junket operator Suncity’s VIP room.
The Star's former CEO has told a court he thought a general counsel was “painting very dramatic pictures” when he voiced concerns about cash transactions in junket operator Suncity’s VIP room.
A judge hearing two enforcement cases by regulators against embattled casino operator Star Entertainment has flagged the potential appearance of bias if he continues to preside over both proceedings.
Construction PRO
Star Entertainment has reached an agreement with Hong Kong-based investors Chow Tai Fook Enterprises and Far East Consortium on the $53 million buyout of its stake in the Queen’s Wharf entertainment project in Brisbane.
Facing a grilling at trial in ASIC's money laundering case, Star's former boss has been accused of giving a false account of a conversation he had with the casino operator's head of due diligence.
A judge has imposed penalties against Star's former managing director and former CFO as part of settlements reached with the corporate regulator, as trial against nine other executives continues.