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Investors seeking £100m payout from Ladbrokes and Coral owner Entain as shares halve
Entain faces legal action and compensation claims after failing to update shareholders on bribery and corruption issues.
Having agreed to pay one of the largest financial penalties ever imposed in the UK, Entain, the owners of Ladbrokes and Coral, is now facing considerable legal action with shareholders seeking more than £100 million in compensation, for failing to update them on issues with bribery and corruption according to The Guardian. Andrew Hill, head of the securities litigation team and a partner 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. The original HRMC investigation into Entain started in 2019 and was based around “potential corporate offending” at a Turkish subsidiary between 2011 and 2017 and was accused of “failing to have the correct procedures in place to stop people taking part in bribes that benefit the business.
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