Australian regulator fines two former Star Entertainment executives for duty breaches

The Australian Securities and Investments Commission (ASIC), Australia’s corporate regulator, has imposed fines totaling AUD $240,000 ($153,096) on two former executives of Star Entertainment Group for breaches of duty during their time at the casino operator.

Harry Theodore, Star’s former Chief Financial Officer, was fined AUD $60,000 ($38,198) and disqualified from managing corporations for nine months, according to a report from Reuters. Gregory Hawkins, the company’s former Chief Casino Officer, was fined AUD $180,000 ($114,593) and disqualified for 18 months.

The regulator said that Theodore failed to prevent Star from sending inaccurate information to the National Australia Bank on November 7, 2019, regarding the use of China UnionPay cards for gambling transactions at the casino. 

Meanwhile, Hawkins was found to have neglected his responsibility to recommend that Star’s board reconsider or end its relationship with Suncity, a former Macau junket operator linked to cross-border gambling and money laundering.

The federal court ruled that both executives had breached their duties based on the facts agreed upon between the parties, ASIC said.

It also noted that the trial for nine other former directors and officers of Star Entertainment is still ongoing.