{"id":7207,"date":"2024-10-17T15:27:31","date_gmt":"2024-10-17T14:27:31","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=7207"},"modified":"2024-10-17T15:27:36","modified_gmt":"2024-10-17T14:27:36","slug":"genting-malaysia-denies-baseless-fraud-allegations","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/10\/17\/genting-malaysia-denies-baseless-fraud-allegations\/","title":{"rendered":"Genting Malaysia Denies &#8216;Baseless&#8217; Fraud Allegations"},"content":{"rendered":"\n<p><strong>Genting Malaysia<\/strong> has rallied back against a lawsuit filed by <strong>Bahamas Casinos Resort World Bimini<\/strong> and vowed to vigorously defend against the claim.&nbsp;<\/p>\n\n\n\n<p>According to the Tribune, a local news outlet in the region, accusations have been levelled against Genting over shifting group liabilities into its Bahamas subsidiaries.&nbsp;<\/p>\n\n\n\n<p>However, Genting has issued a staunch defence against the claims, using a filing to describe \u2018the Complaint as baseless and totally without merit\u2019.<\/p>\n\n\n\n<p>The group also informed investors that \u2018it will make further announcements as and when there are material developments on the above matter\u2019.<\/p>\n\n\n\n<p>Accusations coming from the Capo family in Florida take aim at what it has described as a \u2018massive and co-ordinated fraud.\u2019<\/p>\n\n\n\n<p>The lawsuit stated: \u201cThrough its stranglehold over <strong>BB Entertainment<\/strong> and its finances, Genting Americas has used BB Entertainment to conceal a medley of fraudulent activities To date, BB Entertainment has not distributed any profits to <strong>RAV<\/strong> from this venture because Genting Americas, who controls BB Entertainment\u2019s finances, has used BB Entertainment as its financial wasteland. What is clear is that Genting Americas\u2019 fraudulent accounting practices have drowned BB Entertainment in hundreds of millions of dollars in illegitimate debt.<\/p>\n\n\n\n<p>\u201cOnly a massive and coordinated fraud could dump nearly a billion dollars of debt on a small island resort where RAV had already developed most of the significant infrastructure. Genting Americas buried the nearly-billion-dollar liabilities in consolidated statements using vague categories of expenses to conceal the fraud from RAV.\u201d<\/p>\n\n\n\n<p>It continued: \u201cGenting Americas, at every turn, has deliberately kneecapped RAV\u2019s efforts to obtain clarity into the financials, including denying RAV full access to BB Entertainment\u2019s financial records and denying its requests for an independent audit.\u201d<\/p>\n\n\n\n<p>The lawsuit continued by accusing Genting of depriving RAV of its entire value of its 20-acre contribution, as it seeks <strong>$600m<\/strong> from its partner group.<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genting Malaysia has rallied back against a lawsuit filed by Bahamas Casinos Resort World Bimini and vowed to vigorously defend against the claim.&nbsp; According to the Tribune, a local news outlet in the region, accusations have been levelled against Genting over shifting group liabilities into its Bahamas subsidiaries.&nbsp; However, Genting has issued a staunch defence [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[8,1],"tags":[10140,10138,10139,10141],"class_list":["post-7207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino","category-news","tag-bahamas-casinos-resort-world-bimini","tag-bb-entertainment","tag-genting-malaysia","tag-rav"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Genting Malaysia Denies &#039;Baseless&#039; Fraud Allegations - 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\/10\/17\/genting-malaysia-denies-baseless-fraud-allegations\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting Malaysia Denies &#039;Baseless&#039; Fraud Allegations - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Genting Malaysia has rallied back against a lawsuit filed by Bahamas Casinos Resort World Bimini and vowed to vigorously defend against the claim.&nbsp; According to the Tribune, a local news outlet in the region, accusations have been levelled against Genting over shifting group liabilities into its Bahamas subsidiaries.&nbsp; However, Genting has issued a staunch defence [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sbceurasia.com\/en\/2024\/10\/17\/genting-malaysia-denies-baseless-fraud-allegations\/\" \/>\n<meta property=\"og:site_name\" content=\"SBC EURASIA EN\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-17T14:27:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-17T14:27:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/resourcesen.sbceurasia.com\/sbccisen\/sites\/2\/2024\/10\/Bahamas-Casinos-Resort-World-Bimini.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"nika rostiashvili\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"nika rostiashvili\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/17\/genting-malaysia-denies-baseless-fraud-allegations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sbceurasia.com\/en\/2024\/10\/17\/genting-malaysia-denies-baseless-fraud-allegations\/\"},\"author\":{\"name\":\"nika rostiashvili\",\"@id\":\"https:\/\/sbceurasia.com\/en\/#\/schema\/person\/fe6263b3d6331caebf299a540ebfbdb0\"},\"headline\":\"Genting Malaysia Denies &#8216;Baseless&#8217; 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