Entain Strikes £585 Million Deferred Prosecution Agreement in Turkey Bribery Case
Date: 2023-11-25 Author: Dima Zakharov Categories: EVENTS
Entain's Legal Settlement
On November 24, Entain, a major player in the gambling industry, made headlines as it announced a deferred prosecution agreement (DPA) with the Crown Prosecution Service (CPS). This agreement, given the nod by Dame Victoria Sharp, president of the King’s Bench Division, is part of the aftermath of an investigation by HMRC into the company’s past operations in Turkey.
Legacy Business Haunting Entain
Despite selling its Turkish assets in 2017, Entain has been plagued by bribery-related offenses from its legacy business. The DPA requires Entain to make a financial payment of £585 million ($737.5 million), a charitable donation of £20 million ($25 million), and a £10 million ($12.5 million) contribution to cover the costs incurred by HMRC and the CPS.
Payment Terms and Legal Approval
As per the terms of the deal, Entain will pay the agreed-upon amounts in installments over four years, pending final judicial approval scheduled for December 5. This settlement comes at a challenging time for the company, as it grapples with investor distrust and shareholder disapproval.
Entain's Commitment to Compliance
Entain emphasized its cooperation with HMRC and the CPS and expressed its commitment to working with authorities in the future. Barry Gibson, the company's chairman, stressed that the legacy matter pertains to a business sold six years ago and highlighted the substantial changes in the company's structure and governance since then.
Looking Towards the Future
Gibson asserted that Entain is now focused on operating solely in regulated markets, aiming to be a trusted and responsible business. The company, having undergone significant transformation, seeks to avoid repeating past mistakes. Entain has plans to release a further announcement following the court hearing on December 5.
