But on Tuesday, Michael Johnston, director of CPH and of Crown Resorts, was asked whether the information passed to Melco was sensitive. Johnston previously signed off on the Melco deal.<\/p>\n
Much of it related to the projected costs of building the Crown Sydney, how many of its luxury apartments had already been sold, and the status of a shareholders\u2019 class-action lawsuit over the imprisonment of 18 Crown employees in China in 2016.<\/p>\n
Do you agree that a reasonable person might consider that some of that information would have a material impact on the price or value of Crown Resorts shares?\u201d<\/strong> asked counsel assisting the inquiry Adam Bell, SC, according to The<\/em> Sydney Morning Herald.<\/em><\/p><\/blockquote>\nJohnston had earlier acknowledged he understood that under Australia’s insider trading laws, “inside information” meant material that was not generally available and could affect a company’s share price.<\/p>\n
But in this case, Johnston said he believed the information was “significantly below the threshold of it being sensitive information or price-sensitive information.”<\/p>\n
Crown is fighting to retain its New South Wales license as it prepares to open the Crown Sydney in December this year. The inquiry has been examining the operator\u2019s links to the junket industry and anti-money laundering failures.<\/p>\n
Packer, who has retreated from business life citing mental health issues, is expected to give testimony to the inquiry later this week.<\/p>\n","protected":false},"excerpt":{"rendered":"
Disclosures by James Packer\u2019s investment company to Melco Resorts in advance of a $1.7 billion Crown Resorts share sale came under scrutiny Tuesday by a licensing suitability investigation in Sydney. The NSW Independent Liquor and Gaming Authority inquiry wanted to know whether information about Crown Resorts\u2019 financial health relayed by Packer\u2019s Consolidated Press Holdings (CPH) […]<\/p>\n","protected":false},"author":36,"featured_media":150426,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,21],"tags":[],"acf":[],"yoast_head":"\n
Crown Resorts Shares Sale to Melco Probed for Possible Insider Trading<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n