{"id":6730,"date":"2024-09-03T14:49:37","date_gmt":"2024-09-03T13:49:37","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=6730"},"modified":"2024-09-03T14:49:42","modified_gmt":"2024-09-03T13:49:42","slug":"star-suspends-trading-amid-new-investigation-that-finds-more-irregularities","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/09\/03\/star-suspends-trading-amid-new-investigation-that-finds-more-irregularities\/","title":{"rendered":"Star Suspends Trading Amid New Investigation That Finds More Irregularities"},"content":{"rendered":"\n

Star Entertainment Group has requested a trading halt on the Australian Securities Exchange (ASX) <\/strong>after a second investigation into the operator found ongoing regulatory issues.<\/p>\n\n\n\n

Adam Bell, a lawyer appointed by the NSW Independent Casino Commission (NICC), conducted the first investigation into the Australian casino operator in 2022. His report found \u201cserious regulatory failures\u201d and stated that the company was \u201cunsuitable to hold a casino license\u201d. <\/p>\n\n\n\n

As a result of these findings, Bell was appointed to conduct a second investigation into The Star, which was completed on 31 July 2024. Almost a month later, the findings were shared with the company before being made publicly available.<\/p>\n\n\n\n

A statement released by the NICC said Bell\u2019s second report \u201cconfirmed the concerns that led to the second investigation\u201d. As a result, The Star was forced to delay the publication of its financial results for the 2024 financial year and request a trading halt on the ASX.<\/p>\n\n\n\n

The statement cited \u201cfour instances of non-compliance\u201d and noted that the regulator was \u201cacting within its established process\u201d.<\/p>\n\n\n\n

NICC Chief Commissioner, Philip Crawford<\/strong>, stated: \u201cThe Bell Report reveals a company that had not moved quickly enough to address the governance and cultural concerns raised in the first Bell Report. <\/p>\n\n\n\n

\u201cIt has only very recently turned its attention to dealing with challenges that should have been prioritized earlier.\u201d<\/p>\n\n\n\n

Following the Star’s report, the ASX issued a market announcement to the group stating that it would suspend trading of its securities at the company’s request.<\/p>\n\n\n\n

While the group has failed to resolve some of its compliance issues, the latest Bell report noted that recent changes at the company had led to some improvements.<\/p>\n\n\n\n

Crawford continued: \u201cThe Bell Report notes that Steve McCann<\/a> Group CEO, Janelle Campbell Sydney CEO and Jeannie Mok Group COO, bring important experience and expertise to the process of engagement with regulators, remediation and cultural transformation which will be vital if the NICC decides that The Star should remain as the operator of The Star Casino. <\/p>\n\n\n\n

\u201cThe level of transparency and cooperation has certainly improved since their appointments. However, the Bell Report underscores the NICC\u2019s concerns that it was not receiving all of the facts from The Star at a time when we needed certainty the company could fund and prioritize an urgent business turnaround.\u201d<\/p>\n\n\n\n

Crawford concluded: \u201cThe NICC is responsible for regulating an industry that is highly vulnerable to criminal infiltration and we are tasked with setting regulatory standards that meet the community\u2019s expectations.\u201d<\/p>\n\n\n\n

On Monday morning Star shares were suspended <\/a>from trading after the company failed to publish its financial report on Friday\u2019s deadline.<\/p>\n\n\n\n

Don’t forget to subscribe to our Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Star Entertainment Group has requested a trading halt on the Australian Securities Exchange (ASX) after a second investigation into the operator found ongoing regulatory issues. Adam Bell, a lawyer appointed by the NSW Independent Casino Commission (NICC), conducted the first investigation into the Australian casino operator in 2022. His report found \u201cserious regulatory failures\u201d and […]<\/p>\n","protected":false},"author":10,"featured_media":6731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,1],"tags":[9620,9622,9478,4005,9624,9621,9618,9619,9623],"class_list":["post-6730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling","category-news","tag-adam-bell","tag-australian-securities-exchange-asx","tag-casino-license","tag-investigation","tag-nicc","tag-philip-crawford","tag-regulatory-breaches","tag-star-entertainment-group","tag-trading-suspension"],"yoast_head":"\nStar Suspends Trading Amid New Investigation That Finds More Irregularities - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/09\/03\/star-suspends-trading-amid-new-investigation-that-finds-more-irregularities\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Star Suspends Trading Amid New Investigation That Finds More Irregularities - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Star Entertainment Group has requested a trading halt on the Australian Securities Exchange (ASX) after a second investigation into the operator found ongoing regulatory issues. 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