“Therefore the report did come to the attention of at least some board members at that time,” Ms Neskovcin said. “Do you agree with me that that having occurred… there was a failure of the risk management process at Crown in respect to the FTI report?”

Ms Siegers responded that if the report had been tabled at the meeting, “then I would agree there was a failing there”.

Crown established the “brand committee” to manage the fall out from the 2019 media reports and included Crown’s now executive chairman Helen Coonan and current director Jane Halton.

Ms Neskovcin asked that, assuming FTI did find that Crown’s due diligence was not robust as it should be, that would have required Crown’s board to act and for it to notify the gambling regulator.

“If that is the conclusion, I don’t know who exactly should respond, but there should be a response, yes,” Ms Siegers said.

In April, Victoria’s gambling regulator fined Crown $1 million because it did not have sufficiently robust processes in place for checking junkets from crime links.

Victoria’s Andrews government ordered the royal commission into whether Crown was fit to hold the licence for its Melbourne casino in February after the findings of the NSW were handed down.

The inquiry will resume public hearings next week, which will continue until around the end of the month. Commissioner Ray Finkelstein must report back to government by August 1.

The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.

Source link