Entain, a prominent player in the industry, has been hit with another blow this week. They have reached a settlement where they will pay a substantial financial penalty and forfeit profits amounting to £585m ($737.4m).
This is in relation to their past business dealings in Turkey involving former third-party suppliers and employees who engaged in questionable activities. The allegations pertain to violations of Section 7 of the Bribery Act 2010, along with the company's failure to implement sufficient measures to prevent bribery.
Previously, Entain had set aside funds to cover the potential costs, but now they have confirmed their commitment to paying the full amount. Additionally, they will also make a generous charitable donation of £20m and contribute £10m towards the costs incurred by HMRC and the CPS.
Barry Gibson, the Chairman of Entain, addressed the issue by stating that this matter revolves around a business that was sold by a previous management team six years ago. He emphasized that the company has undergone significant changes since then and that the DPA process serves as a reminder of the stark differences between the GVC of the past and the present-day Entain.
This is in relation to their past business dealings in Turkey involving former third-party suppliers and employees who engaged in questionable activities. The allegations pertain to violations of Section 7 of the Bribery Act 2010, along with the company's failure to implement sufficient measures to prevent bribery.
Previously, Entain had set aside funds to cover the potential costs, but now they have confirmed their commitment to paying the full amount. Additionally, they will also make a generous charitable donation of £20m and contribute £10m towards the costs incurred by HMRC and the CPS.
Barry Gibson, the Chairman of Entain, addressed the issue by stating that this matter revolves around a business that was sold by a previous management team six years ago. He emphasized that the company has undergone significant changes since then and that the DPA process serves as a reminder of the stark differences between the GVC of the past and the present-day Entain.