(Alliance News) - Entain PLC on Wednesday said it is in deferred prosecution agreement negotiations with the Crown Prosecution Service in the UK regarding an ongoing investigation by HM Revenue & Customs into potential bribery.
Entain is a sports betting and gambling company, which owns brands such as bwin, Coral, Ladbrokes, PartyPoker and Sportingbet.
The company said its subsidiary Entain Holdings UK Ltd received a production order from HMRC in November 2019, requiring it to provide information relating to its former Turkish-facing online betting and gaming business. At the time, Entain expected that the investigation was in regards to former third-party suppliers regarding the processing of payments for online betting and gaming in Turkey. In July 2020, the investigation was expanded to examine potential corporate offending by an entity within the company.
Offences under investigation include bribery, Entain said.
"Since the investigation first commenced, the group has undertaken a comprehensive review of anti-bribery policies and procedures and has taken action to strengthen its wider compliance programme and related controls. Whilst the discussions with the CPS remain ongoing, the board is content with progress to date and looks forward to pursuing an orderly conclusion to this matter," it said.
Entain shares were down 3.3% to 1,329.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Entain (ENT)