Crown Resorts Faces New Lawsuit Over Money Laundering Allegations
Investors in Crown Resorts are filing another lawsuit, alleging the firm’s carelessness facilitated illicit financial activities and harmed their holdings. They contend that despite Crown’s assurances of rigorous oversight, they were unable to stop money laundering from 2014 to 2020. This latest legal action follows Crown’s acknowledgment that money laundering probably transpired, leading to a sharp decline in their share value and financial setbacks for investors. The stakeholders are requesting that Crown repurchase their shares to make up for these losses.
This is not the first instance of legal trouble for Crown. In 2017, they faced litigation after the apprehension of 19 staff members for encouraging gambling in China, a prohibited act in that country. This resulted in substantial losses for investors, and the case remains unresolved.
