Tuesday, July 17, 2012

Propublica.org Las Vegas Sands Article: Inside the Investigation of Leading Republican Money Man Sheldon Adelson

This was an great piece.  Something I found especially interesting was that Leonel Alves, being on the Macau legislative board, was outside council for Las Vegas Sands and billing exorbitant rates.  Worth nothing is that back in May 2006, there was a deal where Melco paid a down payment as part of a partnership with an entity managed by Angela Leong On Kei, member of Macau Legislative board, wife of Stanley Ho, and mother of Lawrence Ho (CEO of Melco).  The deal was terminated 40 months later: thus the whole thing seemed to just act as a 100M HKD loan, to the entity Angela Leong On Kei represented. 
What is also interesting is that as you can see from the 2009 filing, Angela was on both sides of the deal, which seems itself inappropriate, not to mention the possible foul play with that deal in regards to her being on the Legislative board and the purpose of the transaction to acquire concession rights.

9-17-2006 Downpayment                     http://www.hkexnews.hk

Termination Dec 2009                          http://www.sec.gov

For more of this and things like the connection between Stanley Ho and Sino-Forest, I recommend you read my report posted here titled IHS Research Report Macau.

Donald Shekels

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