Two Crown Resorts directors have resigned in the wake of the damning Bergin report which found the gaming giant was "not suitable" to hold a casino licence.
Today directors Guy Jalland and Michael Johnston announced their resignations to shareholders following the report.
Mr Jalland and Mr Johnston are the nominee directors of Consolidated Press Holdings, the private company run by billionaire James Packer which is the major shareholder of Crown with a 37 per cent share.
EXPLAINED: What is the Bergin report, and what does it mean for Crown's $2.2 billion Barangaroo casino?
The Bergin report recommended that Mr Packer cut ties with the board of Crown, due to his influence and "remote manoeuvring".
The report was the culmination of an 18-month inquiry into Crown, following allegations the businesses facilities were being used by organised crime groups to launder money.
One of the recommendations of the report was a complete overhaul of the Crown's Board, which would be necessary for the group to acquire a gaming licence for its new $2.2 billion casino at Barangaroo in Sydney.
READ MORE: NSW gaming regulator tells Crown to delay Sydney casino opening
Today Philip Crawford, the Chair of the NSW Independent Liquor & Gaming Authority - which has the power to grant gaming licences - said he was open to talking with Crown about the changes that need to be made.
"It needs a lot of change. A lot of concern we have with the links to organised crime," Mr Crawford said.
"They've got a lot of work to do to satisfy us. I can't talk about what that will look like, because we have our first board meeting this Friday and another one next Wednesday."
READ MORE: Crown deemed 'not suitable' to hold gaming licence at Barangaroo: Bergin report
Mr Crawford said the findings of the report were "breathtaking" and he expects change to happen quickly as the group's current licences are due to expire.
"I don't have a time frame but you will recall that the liquor licences granted for Barangaroo expire at the end of April," Mr Crawford said.
"And they do expire. And so, we're all going to be working very hard with them and we want immediate change in some areas and I suspect some things will take a little longer."
What changes does Crown need to make to get a gaming licence for Barangaroo?
According to the Bergin report, six major changes would have to be made for Crown to be assessed as being suitable to hold a gaming licence for its Barangaroo site.
1. The first is a "full and wide-ranging forensic audit" of all accounts to ensure "criminal elements" are not connected in any way.
2. The second requires James Packer to cease "remote manoeuvring", in the report's words. The report alleges Mr Packer had the power to influence company directors despite his absence from the Crown Board. It recommends that some form of "mechanism" which sees Mr Packer share confidential information with the board via the NSW Liquor and Gaming Authority.
3. The third is a restructure of the Crown Board.
4. The fourth is a compliance audit to ensure that whatever changes Crown pledges to make are carried through.
5. The fifth is for Crown to cease dealing with junket operators that are unlicensed or unregulated by the Authority.
6. The sixth is to create a better relationship with the Authority, one which is "respectful and co-operative".
from 9News https://ift.tt/3a5fv4X
via IFTTT
0 Comments