Chinese online sports lottery service provider 500.com has completed an internal investigation into alleged illegal money transfers in connection with reported allegations against certain former consultants by the Tokyo District Public Prosecutors Office.
King & Wood Mallesons, the firm engaged by 500.com’s Special Investigation Committee, to conduct the independent probe presented its investigation review to the SIC on October 7, 2020.
Based on the findings and analyses in KWM’s review, the SIC has concluded that it did not find a sufficient basis to establish a violation of the US Foreign Corrupt Practices Act of 1977 in connection with the company’s prior activities in Japan.
In a statement from 500.com, the firm noted: “The SIC has also reviewed the company’s compliance policies, procedures and internal controls in light of the suggestions from KWM. The company has updated such policies, procedures and internal controls based on recommendations from the SIC, and will continue to enhance its internal controls as appropriate.”
News of the completed investigation follows on from 500.com’s recent announcement that it has resumed operations in Sweden via its Malta-based subsidiary The Multi Group (TMG).
The firm was given the green light to restart operations in Sweden after having received a renewed e-gaming license for two years for secondary lottery and casino from Sweden’s e-gaming regulatory authority, Spelinspektionen.
Spelinspektionen originally suspended Multi Brand’s license in January when 500.com missed the deadline for completing the licence renewal process. The firm said, at the time, that it hoped to resume operating in Sweden by mid-February but that lapsed.