Subscribe to our free daily newsletters
. Earth Science News .




Subscribe to our free daily newsletters



TRADE WARS
Australia casino giant Crown hit with class action over China
by Staff Writers
Sydney (AFP) Dec 4, 2017


Australian gambling giant Crown was hit with a class action Monday after 18 employees were arrested in China, alleging it did not give shareholders enough information about the risks being taken.

The employees, who pleaded guilty, were held for 10 months on charges of luring rich Chinese to Australia, before being released in August.

They included Jason O'Connor, the executive vice president of Crown division VIP International.

The case hurt the James Packer-controlled casino operator's high roller revenues, with anti-corruption laws in China banning organising gambling activities overseas for wealthy Chinese.

Class action specialists Maurice Blackburn Lawyers said the case on behalf of hundreds of investors centred on a sharp share price drop of almost 14 percent on October 17, 2016, when news of the arrests emerged.

Their detention also raised questions about Crown's significant investment in its under-development Sydney venture at Barangaroo, which has been spruiked as a VIP-focused casino and luxury resort, the lawyers said.

Crown's VIP revenue in Australia slumped in the 2017 financial year.

Maurice Blackburn's head of class actions Andrew Watson claimed Crown decided to roll the dice on its Chinese VIP operations against the backdrop of a known crackdown by Beijing on illegal gambling-related activities.

"Shareholders should have been appraised of the risks that Crown was taking in China and the threat they posed to the company's revenue streams," he said.

"Chinese authorities could not have made the risks of marketing gambling any plainer to Crown or other casino operators, yet Crown ignored these warnings.

"Fortunately in Australia, companies can be held accountable via the class action mechanism, for breaching their legal obligations to make timely and accurate disclosures to the market. Those failures affect many, many people."

Crown, which has since pursued a restructure, exiting its holding in Melco Resorts in Macau and shelving plans for a Las Vegas casino to focus on its Australian operations, confirmed it had been served with the action.

"The proceeding has been filed on behalf of persons who acquired an interest in Crown shares between February 6 2015 and October 16 2016," it said in a statement to the market.

"Crown will vigorously defend the proceeding."

Crown shares were down 1.14 percent at Aus$12.19 at midday.

mp/ddc/mtp

CROWN HOLDINGS

TRADE WARS
Trump administration rejects China's bid for market economy status
Washington (AFP) Dec 1, 2017
The Trump administration has confirmed it rejects China's bid to be considered a market economy in the World Trade Organization, making it subject to more onerous trade penalties. In a 41-page legal document presented to the WTO, the US Trade Representative defended its right to consider China a non-market economy when ruling on how to handle a flood of cheap imports from the manufacturing b ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Seven 'trapped' after cargo ships collide off south China

China port city blast caused by illegal explosives: police

Army contracts for temporary electricity for Puerto Rico, U.S. Virgin Islands

Myanmar has 'no religious discrimination', army chief tells Pope

TRADE WARS
Device could reduce the carbon footprint of ethylene production

Researchers inadvertently boost surface area of nickel nanoparticles for catalysis

UCLA engineers use deep learning to reconstruct holograms and improve optical microscopy

Study shows how to get sprayed metal coatings to stick

TRADE WARS
Children who avoid tap water have lower lead levels but more tooth decay

The tragedy of the seagrass commons

Coral transplant raises Barrier Reef survival hopes

Xi orders China's 'toilet revolution' to march on

TRADE WARS
Antarctic Selfie's Journey to Space via Disruption Tolerant Networking

Antarctic landscape insights keep ice loss forecasts on the radar

Operation IceBridge 2017: The Beauty of Ice

Added Arctic data shows global warming didn't pause

TRADE WARS
Istanbul anglers keep up tradition despite stocks alarm

Fighting plant disease at warm temperatures keeps food on the table

France to monitor air-borne farm chemicals

Japan, China dominate list of world's top restaurants

TRADE WARS
New Zealand says no charges over killer quake building

Hurricane damage put at 2bn euros on two French islands

Antarctic zircons tell story of early volcanism

SMU seismology research shows North Texas earthquakes occurring on 'dead' faults

TRADE WARS
Mali justice minister resigns after activist's acquittal

Cash and history keep Europe as Africa's prime partner

China hails new Zimbabwe leader, denies role in transition

China taps Africa at Morocco Silk Road investment forum

TRADE WARS
Chimp females who leave home postpone parenthood

Long-term logging study demonstrates impacts on chimpanzees and gorillas

What grosses out a chimpanzee?

Human evolution was uneven and punctuated, suggests new research




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement