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In a new chapter of the Star Entertainment saga, the resort & casino firm has been served with a securities class action lawsuit filed in the Supreme Court of Victoria.
The action, which was served by Slater & Gordon, asserts that the Australian operator failed to comply with requirements pertaining to continuous disclosure and engaged in deceptive behaviour regarding its systems and live casino operations. Such charges are based on the current investigation by the Independent Liquor & Gaming Authority (ILGA) of New South Wales, as well as earlier media coverage.
In a statement to the ASX, Crown says of the lawsuit: “The claim alleges The Star failed to comply with continuous disclosure requirements and engaged in misleading or deceptive conduct between 29 March 2016 and 16 March 2022 through various alleged disclosures or non-disclosures about its systems, controls, operations and regulatory risks.”
The operator plans to defend itself in these legal procedures.
The managing director and chief executive officer, Matt Bekier announced his resignation from The Star earlier this week, in response to problems presented at public hearings held in connection with the study. The group's board of directors accepted his departure.
The inquiry into Star Entertainment was commissioned in October 2021 under the pretences of the Casino Act of 1992. During Star's public hearing, it was revealed that Bekier was enraged by a 2018 study by global audit company KPMG, which raised concerns about anti-money laundering and counter-terrorism funding rules.
Bekier's departure date has not yet been announced, but The Star confirms that he will resign from the board of directors immediately. He will, however, collaborate with the board in order to "transfer his executive duties in an orderly way."
