In November last year, global gambling company Entain agreed to pay ￡585m ($746.08) after an investigation into historical violations in Turkey.
Now, it seems that saga may not have come to an end for Entain, formerly known as GVC Holdings. Law firm Fox Williams Is now investigating a group litigation claim, which is seeking damages from Entain reaching up to ￡100m ($127.54m).
failure to implement “adequate bribery prevention measures”
The initial issues related to deals between Entain and its Turkish subsidiary Sportingbet, when the former was known as GVC and under the leadership of Kenny Alexander. Entain was forced to pay the multimillion-dollar settlement after a His Majesty’s Revenue and Customs (HMRC) probe. The investigation focused on GVC’s failure to implement “adequate bribery prevention measures.”
The new litigation comes from investors who held shares in Entain, stock that decreased in value as a result of the violations. “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,” Andrew Hill, Partner of Fox Williams, stated.
Entain told Gambling Insider it is “not aware of any issued claim against the Company.”