The casino company Las Vegas Sands Corp. was held under investigation for violations of US Foreign Corrupt Practices Act and alleged money laundering. This was stated by its Chief Financial Officer Kenneth Kay who will step down from office effective July 31.
In a regulatory filing yesterday, the company said that Kay will provide transition services as a part of the six month consultation agreement. The Las Vegas based casino and resort firm did not elaborate details on Kay's exit.
Las Vegas Sands added that Kay was to receive a pro-rated bonus for 2013 and a year of salary. The exit of Kenneth Kay followed the April resignation of the auditor of Price Waterhouse Coopers LLP. The exit also followed the March disclosure of a probe stating the company's violations of the books and internal provisions.
Las Vegas Sands is controlled by Chairman and CEO Sheldon Adelson. He stated plans to search for a new qualified candidate to take Kay's position.
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