Entain stock surges on takeover rumors
There have been recent reports suggesting large private equity companies are considering purchasing all or a portion of Entain.Entain's stock price has increased by five...
Entain and CPS finalize prosecution agreement
The UK’s Crown Prosecution Service has recently finalized Entain’s penalty.
The penalty in question relates to the operator’s former Turkish subsidiary, which was sold by Entain more than half a decade ago in 2017. The subsidiary breached the United Kingdom’s Bribery Act, with one of the main failures being Entain’s lack of appropriate procedures to ensure bribery didn’t take place at the firm.
The penalty takes the form of a deferred prosecution agreement, through which the company will be paying a fine of 585 million pounds. Additionally, Entain has agreed to allocate 20 million pounds for various charitable causes, along with paying 10 million pounds to compensate for the costs incurred by the CPS and the HMRC as part of the investigation. In total, the DPA will cost the company 615 million pounds, the majority of which, excluding the 10-million-pound compensation, will be required to be paid through installments over four years.
Entain mentioned in its announcement that it was able to get a discount on the penalty from the court thanks to its cooperation efforts with the two government agencies. The company also mentioned that following the discovery of the failures, it has carried out a thorough review of its anti-bribery measures to ensure it can maintain a higher standard of compliance in the future.
Entain expands Board with Ricky Sandler
Ricky Sandler has joined Entain as the firm’s latest non-Executive Director.Having a career of more than three decades, the new appointee is an excellent candidate to...
