Australian casino operator Crown Resorts will no longer share confidential financial data with its largest shareholder, while the company’s former chairman could face sanctions for ducking calls to testify at a regulatory inquiry.  

On Wednesday, just 24 hours before its (virtual) annual general meeting, Crown informed shareholders that the company had terminated two agreements with Consolidated Press Holdings Pty Ltd (CPH), a company controlled by James Packer, who holds more than one-third of Crown stock.

One of the two agreements “enabled the sharing of confidential information by Crown to CPH and James Packer.” That arrangement was revealed in testimony last month at the New South Wales Independent Liquor & Gaming Authority (ILGA) inquiry into Crown’s suitability to hold a state gaming license for its Crown Sydney property.

Crown provided Packer (pictured) with financial projections during Packer’s recent failed attempt to sell 20% of Crown to rival Melco Resorts & Entertainment (MRE). Packer reportedly convinced Crown director Michael Johnston – who also held an executive role at CPH – to ask Crown’s CEO Ken Barton to boost Crown’s VIP gambling revenue projections before the sale to MRE was finalized.