Finance Finance News Crown terminates agreements with Packer and CPH

Crown terminates agreements with Packer and CPH

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Crown Resorts has announced the termination of two agreements it had with Consolidated Press Holdings, including the sharing of confidential information with stakeholder James Packer.

Crown said in a statement and ASX announcement on Wednesday night an agreement of July 2016 which enabled Crown to request services by key CPH executives at pre-agreed hourly rates had been terminated.

It also announced the termination of a Controlling Shareholder Protocol of October 2018 which enabled the sharing of “confidential information by Crown to CPH and James Packer”.

James Packer’s Consolidated Press Holdings has a 36.8 per cent stake in Crown.

Crown is the subject of a NSW inquiry into whether the company is fit and proper to hold a gaming licence for its planned Sydney casino.

As part of its probe, the NSW Independent Liquor and Gaming Authority is investigating allegations in 2019 that Crown casinos facilitated money laundering and organised crime with links to China where company staff were arrested.

Meanwhile Australia’s financial crime watchdog AUSTRAC has announced its own investigation into the casino giant, saying it had identified potential non-compliance of anti-money laundering and counter-terrorism financing laws linked to its Melbourne operation.

The probe will look at issues relating to due diligence and compliance when managing customers identified as high risk.

Crown has said it would fully co-operate with the AUSTRAC investigation.