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And on December 1, the Suncity high-roller travel business ceased its casino operations in Macau, the place where it all began. For years, the Chinese Communist Party had allowed Chau to build his junket empire, even though it appeared to conflict with the party’s anti-gambling edicts. As it looked into Suncity operatives behind closed doors, ACIC also provided information about the company to the state commissions of inquiry into Crown Resorts that, along with media exposés, led to the overhaul of Crown and Australia’s gambling industry. Sources have confirmed that during this time, ACIC was able to develop an unprecedented overview of Suncity’s operations, including how it had helped suspected Chinese criminals move huge sums to and from Australia. ACIC has the power to direct people to attend compulsory questioning in hearing chambers or face jail.
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Leaf Corporation and Square Peg’s Justin Liberman have bought a third Geelong site, completing a real estate jigsaw that could unlock $1 billion in development. The massive upgrade in Australian sharemarket earnings expectations since July could face a reality check as companies update their guidance this month. The superannuation giant’s $250 billion flagship vehicle is realigning its equities holdings, with Telstra and critical minerals companies the big winners.
