Ladbrokes and Coral owner Entain agrees to pay £615m after bribery investigation into former Turkish business

Entain, the owner of Ladbrokes and Coral, is to pay a penalty of £585 million following an investigation into alleged bribery at its former Turkish business.

The company will also make a charitable donation of £20m and cover HMRC’s costs with a £10m payment as part of the proposed agreement.

HMRC's investigation first came to light in November 2019 with the authorities asking for information regarding the Turkish-facing business held between 2011 and 2017 by GVC Holdings – now rebranded as Entain.

The tax office was looking into the alleged failure of the company to have adequate bribery prevention measures and widened its investigation in 2020, shortly after the departure of chief executive and well-known racehorse owner Kenny Alexander from GVC.

Barry Gibson, the chairman of Entain, said: “This legacy matter concerns a business which was sold by a former management team six years ago. 

“The group has changed immeasurably since these events took place and the DPA [deferred prosecution agreement] process has provided a reminder of the stark differences between the GVC of yesterday and the Entain of today.

“We are committed to continuing our journey towards operating only in regulated markets and are now widely recognised as a best-in-class, responsible operator with the highest levels of corporate governance across all aspects of our business.”

Entain revealed in August it had set aside £585m to cover the potential penalty, with the money to be paid in instalments over four years. The deal is subject to judicial approval.

Read more . . .

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