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Monday, Jul 22, 2024

Entain Faces £100m Investor Claim Over Bribery Issues

Investors may seek over one hundred million pounds in compensation from Entain, the owner of Ladbrokes and Coral, for not disclosing bribery issues in its former Turkish operation. Led by Fox Williams, this follows Entain’s six hundred million pound settlement with HMRC in December 2023 over alleged bribery. The HMRC probe began in 2019, targeting corporate offenses linked to Entain's Turkish-facing business from 2011 to 2017, causing a significant drop in the company's stock.
Entain, the owner of Ladbrokes and Coral, may face over £100 million in compensation claims from investors due to its failure to disclose issues related to bribery and corruption at its former Turkish operation.

This move, led by the legal firm Fox Williams, comes after Entain agreed to pay roughly £600 million in a settlement with HM Revenue and Customs (HMRC) in December 2023.

The settlement, spurred by an investigation into alleged bribery, includes penalties, disgorgement of profits, a charitable donation, and covering HMRC and Crown Prosecution Service costs.

The HMRC's 2019 inquiry targeted corporate offenses dating back to Entain’s ownership of a Turkish-facing online betting business from 2011 to 2017.

Entain, formerly known as GVC, was criticized for inadequate anti-bribery measures.

Entain’s stock has nearly halved since revealing in May 2023 the likelihood of a significant penalty.

Fox Williams’ Andrew Hill emphasized the importance of this claim for investor recourse and enhancing corporate transparency in the UK gambling sector.

Hill also heads a similar claim against Boohoo for £100 million, besides previous successful shareholder claims against Tesco.

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