Entain Plc has this afternoon announced that it has reached a definitive settlement on its Deferred Prosecution Agreement (DPA) with the Crown Prosecution Service (CPS), concerning the bribery investigation by HM Revenue & Customs (HMRC) of its Turkish-facing business.
Terms of the settlement were approved by Dame Victoria Sharp, President of the King’s Bench Division at the Royal Courts of Justice at the Crown Court of Southwark.
HMRC had investigated GVC Holdings, the former entity of Entain PLC for breaching the Bribery Act 2010. The DPA addresses allegations of failing to have adequate procedures to prevent bribery, particularly in its Turkish-facing business, which was sold in 2017.
The board of Entain states that the DPA has resolved HMRC’s investigation concerning the FTSE100 firm’s former business affairs.
As communicated prior to the settlement, Entain has agreed to pay a total of £585m, comprising a financial penalty and disgorgement of profits. Entain has pledged a further £20m charitable donation, and a £10m contribution to HMRC and CPS costs.
Entain disclosed: “The financial penalty, disgorgement of profits and the charitable donation will be paid in installments over the term of the DPA, which will be four years from today’s date.”
The Court granted a full discount (without inflation adjustments) on the financial penalty due to Entain’s “exemplary cooperation with HMRC and CPS.”
Concluding outstanding legal affairs, Chairman Barry Gibson said, “This is the final step in a process that has hung over our business since HMRC launched its investigation into a business that was sold by a former management team six years ago.”
“We have cooperated extensively and proactively at every stage of the process which, I am pleased to say, has been recognized by the Court. Entain has now fundamentally and profoundly changed. We can now concentrate on the future.”
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