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Star investors launch class action against Sydney casino giant

The Star, Sydney

Star Entertainment Group has been given a notice with a revelation of a claim for a securities class action in the Supreme Court of Victoria.

Served by Slater and Gordon, they lay claim that the Australian operator refused to comply with continual disclosure conditions and engaged in deceptive conduct regarding its systems and modus operandi.

Such argument refers to the current investigation from the New South Wales Independent Liquor and Gaming Authority (ILGA).

A press release from Crown to the ASX, permitted by the board of directors, stated that; “the claim attest that The Star refused to comply with continual disclosure conditions and engaged in deceptive conduct regarding from 29 March 2016 and 16 March 2022 through several alleged disclosures or non-disclosures about its systems, managements, modus operandi, and regulatory risks”.

Star said that it intends to defend the claims.

Just this week, Matt Bekier tendered his resignation; he was until now the Managing Director and CEO of the Star Group, having gone through the statements that rose during the public hearings in relation to the review. The Star board accepted his resignation.

Set up under the Casino Control Act 1992, the review was commissioned in October 2021. Last week’s public hearing revealed that Bekier responded angrily to the 2018 report done by international audit firm KPMG, which raised concerns about anti-money laundering and counter-terrorism financing laws.

Bikier’s last day in the office has yet to be known; the Group noted that he will step down from the board at once. He will, however, team with the board to “move his managerial responsibilities in a well-organized way”.

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