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Crown Wins High Roller Case

9 February 2004

AUSTRALIA – As reported by the Sydney Morning Herald: "Melbourne's Crown Casino has won the latest round of its legal battle with China's fifth-richest man over a disputed $1.34 million (US$1.04 million) but taken a heavy hit from judges for laxness applying financial controls meant to prevent fraud, tax evasion and money laundering.

"In a ruling late last month, a full bench of the Federal Court rejected an appeal by the Shanghai property tycoon Eddie Ye Lipei against a judge's earlier finding for Crown. But justices Ronald Sackville, Bradley Selway and Bruce Lander sharply criticised Crown's failure to comply with statutory and regulatory requirements in documenting the financial transactions of high rollers like Mr Ye.

"They noted that Crown's own senior counsel, JS Hilton, had acknowledged that Crown's procedures were a 'shambles'…"

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