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    Default Investors seeking £100 million payout from BetMGM co-owner Entain

    Investors in Entain, the parent company of Ladbrokes, may seek over £100 million in compensation due to allegations of bribery and corruption within the company's former Turkish operations.

    From The Standard:

    It comes after Entain, which also owns the Coral brand, agreed with HM Revenue & Customs to pay £585 million in penalties and disgorgement of profits following a probe.

    HMRC had been probing Entain over activities at the Turkish-facing business that it sold in 2017.

    Authorities started investigating the suppliers in 2019, and a year later turned their gaze on the GVC Group, which subsequently rebranded to Entain.

    The company was alleged to not have adequate procedures in place to prevent bribery.

    On Wednesday, Fox Williams said investors suffered financial losses following the probe and associated penalties.

    Andrew Hill, partner and head of the securities litigation team at Fox Williams, said: “This claim will offer institutional investors the opportunity to recover substantial losses but more importantly serve to improve transparency and governance within the UK’s gambling sector, reminding public companies that they need to take their disclosure obligations seriously.
    Read more here: https://www.standard.co.uk/business/...-b1163916.html
    Last edited by The Buzz; 19 June 2024 at 4:58 am.

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