(qlmbusinessnews.com Wed, 6th Dec, 2023) London, UK —
Ladbrokes and Coral Owner Entain Agrees to Landmark £585 Million Bribery Settlement
Entain, the prominent gambling company that owns Ladbrokes and Coral, is set to pay £585 million to HMRC to settle bribery allegations linked to a previously owned Turkish firm. The Royal Courts of Justice approved the settlement in a hearing on Tuesday.
As part of the deferred prosecution agreement (DPA), the payment will be made in instalments over the next four years. The DPA allows for the suspension of prosecution for a defined period, contingent on the organisation meeting specified conditions. In addition to the financial settlement, Entain will make a charitable donation of £20 million and contribute £10 million towards the costs incurred by HMRC and the Crown Prosecution Service during the case.
The investigation by HMRC focused on a Turkish-facing company that Entain sold in 2017. The inquiry examined the activities of former employees and third-party suppliers, specifically looking at allegations that Entain, then known as GVC, lacked adequate procedures to prevent bribery.
Barry Gibson, Entain's chairman, stated, “This is the final step in a process that has hung over our business since HMRC launched its investigation into a business that was sold by a former management team six years ago.” He emphasized the company's extensive cooperation and proactive approach throughout the process, noting that Entain has undergone a comprehensive review of its anti-bribery policies and procedures.
Gibson concluded, “Entain has now fundamentally and profoundly changed. We can now concentrate on the future.”
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