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Did Steve Wynn Violate Anti-Bribery Laws?

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News emerged on Thursday that Wynn Resorts (NASDAQ: WYNN) CEO Steve Wynn is the subject of a derivative complaint from the company's shareholders that states that he violated anti-bribery laws by donating $135 million to the University of Macau Development Foundation in exchange for land and casino concessions.

According to Courthouse News, this federal complaint is only the latest chapter in an ongoing feud between Wynn and his former CEO Kazuo Okada. This new complaint sees Wynn and his board being accused by the Louisiana Municipal Police Employees Retirement System of wasting corporate assets and violating the Foreign Corrupt Practices Act from 2009 onwards, and perhaps earlier.

"Mr. Wynn has run Wynn Resorts as a personal fiefdom, packing the board with friends who do his personal bidding, and paying key executives exorbitant amounts for their unwavering fealty," the pension fund says.

According to the pension fund, Wynn's gift to the University of $135 million is suspicious because “the chancellor of the University of Macau is also the head of Macau's government, with ultimate oversight of gaming matters."

It might not have raised so many eyebrows, but shareholders say that this was not Wynn's first lavish gift to the Macau government. In December 2006, he donated a $10.1 million Ming Dynasty vase to the Macau Museum.

 

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