The Star Group (ASX:SGR) CEO Bekier resigns amid ongoing probe

3 min read | March 28, 2022 02:05 PM AEDT | By Aditi Saha

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The Star Group (ASX:SGR) CEO Bekier resigns amid ongoing probe — Image source: © Galdzer | Megapixl.com

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Highlights

The Star Entertainment Group has shared today that Matt Bekier has resigned as the CEO (Chief Executive Officer) and managing director, and the board has accepted his resignation.

Bekier's decision is in response to concerns highlighted at public hearings related to Adam Bell SC's assessment of The Star Sydney.

The Star Group is now facing charges of foreign interference, money laundering, large-scale fraud and organised crime.

Shares of Australia's gambling behemoth, The Star Entertainment Group Limited (ASX:SGR), are on the watch today after the resignation of the firm's CEO, Matt Bekier. As per media reports, the company has been alleged of allowing illegal activities at its casinos.

The Star Group is an entertainment and gambling firm. The company began its journey with the goal of becoming Australia's top integrated resort enterprise.

The Star Group has been on a negative streak for a year with a 16% drop. Also, it has shed 15% on year to date (YTD). The company's stock continued heading south, falling by 27% in the last six months. The firm has struggled to gain ground in recent months, with its stock plunging 4% in one month.

Meanwhile, at 1:42 AM AEDT, the stock of the firm was trading 0.309% up at AU$3.240 per share.

Read more: Star Entertainment (ASX:SGR) forecasts net loss of A$73-75M

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Why did the CEO of the Star Group resign?

The Star Entertainment Group Limited has announced that Matt Bekier has resigned as CEO (Chief Executive Officer) and managing director, and the board has accepted his resignation.

The company added in a statement that Bekier's decision was made in response to concerns highlighted at public hearings related to Adam Bell SC's assessment of The Star Sydney.

Star Group <a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/au/companies/asx-sgr' href='https://kalkinemedia.com/au/companies/asx-sgr'><a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/au/companies/asx-sgr' href='https://kalkinemedia.com/au/companies/asx-sgr'>(ASX:SGR)</a></a>

Source: ID 4100417 © Galdzer | Megapixl.com

The NSW Independent Liquor & Gaming Authority is investigating whether Australia's second-largest casino, The Star Sydney, was involved in illegal activities like money laundering and if it is eligible to retain its casino licence.

While the review is underway, Bekier notified the board that he is accountable for the adequacy and efficacy of the firm's culture, procedures, people and policies as CEO and managing director. However, Bekier stated that taking responsibility was the correct thing to do.

What’s next

Allegations of illegal activities at the firm's casino have engulfed the business. By accepting the responsibility, Bekier will resign from the board of directors immediately and work with the board to ensure a smooth transition of his executive duties. However, the exact date of Bekier's departure has yet to be determined.

Good read: What made Northern Star (ASX:NST) shares gain 14% in a year?

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