TIDMENT
RNS Number : 6436U
Entain PLC
24 November 2023
24 November 2023
Entain plc
("Company" and, together with its subsidiaries, "Group")
Update on Deferred Prosecution Agreement
Further to its announcement of 10 August 2023, Entain plc (LSE:
ENT), the global sports betting and gaming group, announces that it
has, in principle, reached a Deferred Prosecution Agreement (DPA)
with the Crown Prosecution Service (CPS), which received
preliminary judicial approval from Dame Victoria Sharp, President
of the King's Bench Division, at a hearing today at the Royal
Courts of Justice sitting as the Crown Court at Southwark. Entain
will now seek final judicial approval from the Court on 5 December
2023.
The DPA relates to HMRC's investigation into the Company's
legacy Turkish-facing business, which the Group sold in 2017, and
the activities of former third-party suppliers and former employees
of the Group. It arises from alleged offences under Section 7 of
the Bribery Act 2010 and, in particular, the failure of the Company
to have adequate procedures in place to prevent bribery. The DPA is
a voluntary agreement and, subject to final Court approval and
compliance with its terms, would fully resolve the HMRC
investigation into these matters insofar as they concern the
Company and the Group.
The terms of the DPA are in line with the provision announced on
10 August 2023. The Company has agreed to pay a financial penalty
plus disgorgement of profits totalling GBP585 million, to make a
charitable donation of GBP20 million and to pay a contribution of
GBP10 million to HMRC and the CPS's costs. The financial penalty,
disgorgement of profits and the charitable donation will be paid in
instalments over the term of the DPA, which will be four years from
the date of the final Court approval.
The Company has co-operated extensively with HMRC and the CPS
and will continue to co-operate with the authorities into the
future, pursuant to the terms of the DPA.
Barry Gibson, Chairman, stated:
"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 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."
A further announcement will be made following the hearing on 5
December 2023 and details of the finalised DPA will be provided at
the appropriate time.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of English law by
virtue of the European Union (Withdrawal) Act 2018. The person
responsible for releasing this announcement on behalf of the
Company is Simon Zinger, General Counsel. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Enquiries:
Investor Relations - Entain plc
investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications
Officer
Davina Hobbs, Head of Investor Relations
Aimee Remey, VP US IR
C allum Sims, IR Manager
Company Secretary secretary@entaingroup.com
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate
Communications
Jay Dossetter, Head of Corporate
PR
Jodie Hitch, PR Manager
Media - Powerscourt Tel: +44 (0) 20 7250 1446
R ob Greening / Russell Lynch / Sam entain@powerscourt-group.com
Austrums
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the
world's largest sports betting and gaming groups, operating both
online and in the retail sector. The Group owns a comprehensive
portfolio of established brands; Sports brands include BetCity,
bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet,
Sports Interaction, STS, SuperSport and TAB NZ; Gaming brands
include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet,
Partypoker and PartyCasino. The Group owns proprietary technology
across all its core product verticals and in addition to its B2C
operations provides services to a number of third-party customers
on a B2B basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK and is the only global operator to
exclusively operate in domestically regulated or regulating markets
operating in over 40 territories.
Entain is a leader in ESG, a member of FTSE4Good, the DJSI and
is AA rated by MSCI. The Group has set a science-based target,
committing to be carbon net zero by 2035 and through the Entain
Foundation supports a variety of initiatives, focusing on safer
gambling, grassroots sport, diversity in technology and community
projects. For more information see the Group's website:
www.entaingroup.com .
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END
AGRUSVOROBUAUAA
(END) Dow Jones Newswires
November 24, 2023 09:01 ET (14:01 GMT)
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