I was the first to write about the filthy dealings inside Melco Crown back in July, available here, so it was quite a delight when I saw this article yesterday,
PACKER CAUGHT UP IN ASIAN CASINO RAID
A couple quotes;
James Packer-backed Melco Crown Entertainment is under investigation over allegedly illegal transfers of $170 million in gambling funds between
and Taiwan Macau.
Taiwanese authorities are investigating whether MCE International, a subsidiary of James Packer’s Asian joint venture Melco Crown Entertainment, improperly channelled funds on behalf of Taiwanese gamblers.
Last week, MCE International’s offices in
were searched and its bank accounts frozen
in relation to the alleged transfers, according to reports. Taipei
Packer’s Australian-listed gambling company Crown has a one-third stake in Melco Crown Entertainment. He is also its co-chairman and a non-executive director.
I can’t help but wonder if this has anything to do with the recent revelation that Bo Xilai may have been using
to do his money laundering. If you’re
not familiar with the Bo Xilai, it’s a fascinating story.
November 6, 2012,
As far as how Heywood and Xilai’s laundered such large amounts of money out of the
for so long remains a mystery, but some speculate it was through Macau.
“Chinese prosecutors building a corruption case against Bo Xilai are believed to be investigating whether the fallen politician laundered an illicit fortune through
The fact that it was the offices in
is VERY interesting. Its odd that a
company like Melco would even get involved in handling these type of
transactions when Macau claims 75% of
gambling revenue is brought in from Junkets—who handle bringing in the high
rollers, extending credit, and collecting debt.
To all of a sudden start assuming this risk makes little sense unless this money actually are flows from different line of business… A type of business which is likely the only reason certain billionaire hedge fund managers own stakes in
More on this in the next couple days…especially as it ties back in to Harbinger Group and Spectrum Brands.
Have a wonderful weekend,
Warning: Recent Upgrades = Bankers looking to sell
Self dealing banks like Goldman Sachs and Deutche Bank obviously are anxious to find buyers for Melco Crown. Wonder why. Its amazing people still fall for this bullshit.
Melco Crown Entertainment Limited Upgraded to “Buy” at Goldman Sachs
Posted by Alphonse Anthony on
Jan 7th, 2013
Deutsche Bank Reiterates Buy on Melco Crown Entertainment ...
Daily Political-Jan 14, 2013
Reiterates Outperform on Melco Crown
Entertainment ... Fargo
Jags Report-Jan 11, 2013