Star Entertainment Group has halted the trading of its shares as rumors of licensing uncertainties are being shared around.
The gambling corporation Star Entertainment Group has recently announced a trading freeze on its shares. It is suspected that the actions taken by the company have something to do with potential licensing shortcomings.
Speculations say that the investigation going on in the state of New South Wales that’s led by Adam Bell SC will be published sometime in the upcoming week. Additionally, it is also speculated that depending on the severity of the violations the firm may need to complete a reform and may get strict conditions on its license.
The business is already going through something similar, however, as they are in the midst of a reform of the board of directors as a part of an improvement program that was started earlier this year.
Furthermore, a couple of months ago another state had launched its own investigation of the conglomerate, Queensland. The state declared that the inquiry was mainly about anti-money laundering measures and some currency restriction breaches involving Chinese nationals.
Following several reports in the media about the unreleased findings of the investigation of our operations in the state of New South Wales, we have decided to request a freeze in the trading of our shares. Our team has not yet received a copy of the findings either, as we understand that the report will be made public on the 13th of September. The main reason for enacting the trading freeze is to prevent trading in an uncertain market and protect our shareholders.
read a statement from the group.
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