Australia's Crown found unfit for gambling license
An inquiry into Australian casino company Crown Resorts has found it is unfit to hold a gambling licence.
A report by the Victorian state government on Tuesday called Crown's actions "disgraceful" after months of hearings where it was accused of enabling money laundering and misleading regulators.
But rather than shut down Crown's flagship casino in the city of Melbourne, the inquiry recognised the board's reform efforts and recommended letting it continue to operate for two years under supervision.
Aussie billionaire James Packer who is the largest shareholder of Crown, was found to have acted in a way which was quote "illegal, dishonest, unethical and exploitative".
Crown CEO Steve McCann said in a statement the casino operator was working to repair its culture and would "emerge as a stronger and more transparent company".
A spokesperson for Packer was not immediately available for comment.
The report recommended boosting the maximum penalty for casino wrongdoing to $75 million U.S dollars and for Packer to be forced to cut his holding to 5% by September 2024, meaning he must sell 32% of the company by then.
It has stoked hopes for takeover prospects and a rush of relief through Crown investors.
