01/10/2020 - 16:19

Poynton fronts NSW casino inquiry

01/10/2020 - 16:19

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John Poynton has said it was not his responsibility to inform Crown Resort's board of James Packer's intention to sell his stake in the company to now-deceased billionaire Stanley Ho.

John Poynton (pictured) said he believed James Packer would have informed the rest of the board in a timely manner about the sale of shares to Stanley Ho. Photo: Atilla Csaszar

Crown Resorts director John Poynton has said it was not his responsibility to inform the board that James Packer intended to sell his stake in the company to now-deceased billionaire Stanley Ho in May of last year.

That admission, which was made to NSW’s independent liquor and gaming authority probe, came as the company has sought to open a new location in the Sydney locale of Barangaroo.

Crown Resorts was granted a restricted gaming licence for the facility on the condition it did not allow Mr Ho to hold any financial interest in the project.

Mr Ho would later indirectly purchase a share of Mr Packer’s interest in the company following his resignation in 2015.

Mr Poynton, who is alleged to have been made aware of the transaction by Mr Packer ahead of time, said he did not accept that it was a good idea to inform the board about the transaction.

He said he believed Mr Packer would have told the rest of the board about the transaction in a timely manner.

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