(Alliance News) - Entain PLC announced on Tuesday that it has entered into a deferred prosecution agreement with the UK Crown Prosecution Service in relation to bribery offences at its former Turkish firm.
HM Revenue & Customs launched in investigation into the global sports betting and gambling company, whose subsidiaries include Ladbrokes Coral and BetMGM, in 2019. Entain faced allegations relating to bribery offences at their former Turkish unit, sold by a management team in 2017.
Entain was alleged to have inadequate procedures in place to prevent such activity, although it claims to have since "undertaken a comprehensive review of its anti-bribery policies and procedures and has taken decisive action to significantly strengthen its wider compliance programme and related controls."
Entain has agreed to pay a penalty plus disgorgement of profit totalling GBP585 million. Additionally, the company will make a charitable donation of GBP20 million and pay GBP10 million towards HMRC's and the CPS's costs, all of which will be provided in four annual instalments from funds it had set aside to cover expected penalties stemming from the case.
"This is the final step in a process that has hung over our business since HMRC launched its investigation," said Chair Barry Gibson.
Entain's share price was up 0.1% at 797.55 pence each in London on Tuesday afternoon.
By Hugh Cameron, Alliance News reporter
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Entain (ENT)
