Entain Plc has reached a definitive settlement over its Deferred Prosecution Agreement (DPA) with the Crown Prosecution Service (CPS), after a bribery investigation by HM Revenue & Customs (HMRC) of its Turkish-facing business.
Terms of the settlement were signed off 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.
As stated by the firm, a £585m settlement with the Crown Prosecution Service (CPS) has been agreed. The owner of Ladbrokes and Coral will pay the settlement to HMRC.
Entain emphasised that it has since transformed as a company and it is a legacy issue as the illegal activity occurred prior to its 2020 rebrand when it traded as GVC Holdings.
Chairman Barry Gibson commented: “This legacy issue pertains to a business divested by a past management team six years prior. The company has undergone significant changes since then, and the DPA process has underscored the profound evolution from the GVC of the past to today’s Entain.
“We remain focused on advancing our operations exclusively within regulated markets and are acknowledged as a leading, responsible entity with unparalleled corporate governance across our business.”
