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Barton, Crown Resorts CEO Resigns After A Money Laundering Report

Crown Resorts CEO Ken Barton has resigned over a money laundering report that has seen the company try to remain licenced in New South Wales.

There have been plans to retire Barton since the reports’ first publication by former NSW Supreme Court judge Patricia Bergin.

‘’His problems will not be cured by the appointment of people expert in the field who report to him,” Bergin said.

The report also published that Crown was  also facilitating money laundering.

“facilitating money laundering, exposing staff to the risk of detention in a foreign jurisdiction, and pursuing commercial relationships with individuals with connections to Triads and organized crime groups,’’ the report said.

The report recommended that the  gaming regulator, ILGA, should  refuse to renew Crown’s gaming license in NSW.

The Payment That Barton is Expected to Walk Away With from Crown Resorts

Barton is expected to walk away with at least an AU$3m payout. That is about US$2.3 million, The Guardian Reported.

Barton seemed not to care about the issue when he was asked by the media.  Facilitating of money laundering was reportedly being done at the company’s Melbourne and Perth properties.

According to Bergin, Barton had been personally responsible for two VIP accounts that had been used by criminal gangs to launder money.

‘’In his previous role as CFO, he had been personally responsible for two VIP accounts that had been used by criminal gangs to launder the proceeds of their illegal operations, ‘’ Bergin said.

Barton has been the CEO of the company since January 2020. He was previously employed by the company for over 10 years before he was promoted.

Past CEOS

There has been a number of CEOs before Barton. other past CEOs include Michael Johnston and Guy Jalland. Jalland represented billionaire, James Parker who is Crown’s biggest shareholder on the board.

Bergin once criticized Parker saying he acted like the de facto director of the company. This was after he accused him of claiming that he had dysfunctional influence on the company.

FAQs

Who is the owner of Crown Hotel?

James Packer owns 36.8% while Blackstone Group owns 9.99%

How many floors does  Crown Casino barangaroo have ?

It has 75 floors

What is the Net worth of Parker?

Parker is worth $4.94 billion,. The last review of his net worth was in 2019. The review was done by the Financial Review Rich List. He was ranked as the thirteenth-richest Australian. He was at the top of this list in 2006 and 2007.

 

 

 



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