03 Mar '11, 12am

Sands China shares slump on probe news

HONG KONG - Sands China fell the most in more than three months in Hong Kong trading after its majority shareholder, billionaire Sheldon Adelson's casino company, said it faced investigations from the United States Securities and Exchange Commission (SEC) and Justice Department. Sands China tumbled 6.2 per cent to HK$17.86 (S$2.91), the biggest decline since Nov 17, paring its climb over the past year to 67 per cent. The benchmark Hang Seng Index fell 1.5 per cent. Mr Adelson's Las Vegas Sands, the parent of the Macau casino operator, said yesterday it received a subpoena from the SEC to produce documents relating to its Macau operations' compliance with the Foreign Corrupt Practices Act (FCPA). The Justice Department is conducting a similar investigation, the Las Vegas-based company said in a regulatory filing. The FCPA prohibits US companies and their intermediaries from...

Full article: http://www.todayonline.com/Business/EDC110303-0000236/San...

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