SYDNEY, Oct 29 (Reuters) - Australian billionaire James Packer on Friday acknowledged "many oversights" running the casino company he founded, Crown Resorts Ltd (CWN.AX), and failing the licence requirements for one of its resorts by missing four years of board meetings.
Packer quit all corporate roles at the A$7 billion ($5.3 billion) company in 2018, but set its strategy as its executive chairman and top shareholder for more than a decade. Once a fixture of the Australian corporate landscape, his evidence at a commission of inquiry was his first public appearance in a year.
"Looking back, there are many oversights and things that should have been done differently," said Packer, 54, via videolink.
"I did not believe at that point in time that Crown Perth was engaged in money laundering," he added.
When the former judge running the inquiry suggested Packer's non-attendance was inconsistent with Crown's licence requirements, he said "I accept that".
The Sydney inquiry, where Packer testified a year earlier, ultimately froze Crown's gambling licence in Australia's biggest city. Another probe resulted this week in a supervisor being tasked with overseeing the company's flagship casino in Melbourne.
He told the inquiry on Friday the company was once named "employer of the year" by the Western Australia state government, but "I think at some point the culture slipped".
($1 = 1.3268 Australian dollars)