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 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 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 Macau
to do his money laundering. If you’re
not familiar with the Bo Xilai, it’s a fascinating story.
Briton
Killed in China Had Spy Links
Wall
Street Journal November 6, 2012 ,
As far as how Heywood and Xilai’s laundered such large
amounts of money out of the China
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 Macau ”. theaustralian.com.au/
The fact that it was the offices in Taiwan
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 Macau —they’re
shorting china.
More on this in the next couple days…especially as it ties
back in to Harbinger Group and Spectrum Brands.
Have a wonderful weekend,
Donald Shekels
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
Wells Fargo
Jags Report-Jan 11, 2013
