{"id":269,"date":"2024-06-27T21:17:44","date_gmt":"2024-06-27T18:17:44","guid":{"rendered":"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/"},"modified":"2024-06-27T21:17:44","modified_gmt":"2024-06-27T18:17:44","slug":"entain-sets-aside-585-million-for-turkish-tax-probe","status":"publish","type":"post","link":"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/","title":{"rendered":"Entain Sets Aside \u00a3585 Million for Turkish Tax Probe"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/kGiwn6GzxBo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The betting behemoth, Entain, has allocated a hefty \u00a3585 million in reserves tied to a Turkish tax probe.<\/p>\n<p>The firm has been in talks with the UK&#8217;s Crown Prosecution Service (CPS) regarding a Deferred Prosecution Agreement (DPA) and has set aside \u00a3585 million (\u20ac677 million\/$745 million) in provisions for its past operations in Turkey.<\/p>\n<p>Entain stated that the DPA negotiations have progressed to a point where a resolution can be attained with the General Directorate of Taxation and Customs. The company is sufficiently confident in its calculation of the \u00a3585 million settlement sum and anticipates paying it over a four-year period.<\/p>\n<p>The figure was determined based on the assumption that the operator would &#8220;receive full credit for its extensive collaboration with the investigation, both prior to and following the initiation of any DPA.&#8221;<\/p>\n<p>Any agreement is contingent upon judicial approval. Entain forecasts that the General Directorate of Taxation and Customs will seek authorization in the final quarter of 2023.<\/p>\n<p>The settlement encompasses Entain &#8211; but what about former leaders?<br \/>\nThe settlement pertains to accusations of violations of Section 7 of the Bribery Act 2010. Section 7 is the portion of the legislation that stipulates that companies must have adequate procedures in place to prevent individuals associated with the company from engaging in bribery for the benefit of the organization&#8217;s business. <\/p>\n<p>Entain stressed that this accord solely applies to the firm and the collective. This implies that individuals might also confront charges, or are negotiating separate resolutions.<\/p>\n<p>The operator acknowledged in May that past misconduct might have transpired involving former third-party providers and personnel of the group.<\/p>\n<p>&#8220;Entain today is a vastly different entity from the GVC of the past,&#8221; Entain highlighted, stating that it is a transformed enterprise. It has conducted a thorough examination of its anti-bribery policies and procedures and has taken decisive actions to fortify compliance and related controls.<\/p>\n<p>The operator reaffirmed that it solely operates in regulated markets or regions with a clear domestic regulatory pathway. It presently holds licenses in over 40 territories globally.<\/p>\n<p>Entain Chairman Barry Gibson conveyed his satisfaction that the HMRC inquiry is nearing its conclusion.<\/p>\n<p>&#8220;We are delighted to be making headway in resolving this matter, which pertains to a business divested by the group&#8217;s former management team nearly six years ago,&#8221; Gibson remarked.<\/p>\n<p>&#8220;We have been collaborating closely with the CPS, who have recognized our robust cooperation. Following a comprehensive overhaul of our business model, strategy, and culture over the past several years, Entain today is a vastly different entity from the GVC of the past.&#8221;<\/p>\n<p>HMRC&#8217;s investigation into Turkey&#8217;s history. <\/p>\n<p>The British tax and customs agency, HMRC, has been examining the Turkish activities of GVC Holdings since 2019. The agency requested additional information from the company regarding its online wagering and gaming business.<\/p>\n<p>GVC owned its Turkish subsidiary, Headlong Limited, from 2011 to 2017. The company sold it to Ropso Malta Limited for up to \u20ac150 million in performance-based earnings. The operator later relinquished the earnings to smoothly complete the Ladbrokes Coral approval process.<\/p>\n<p>However, reports surfaced that the company was still profiting from the Turkish operations, despite repeated denials. HMRC promptly began investigating the matter.<\/p>\n<p>Tax authorities broadened the scope of the GVC Turkey case<br \/>\nHMRC expanded the scope of the investigation in 2020 to include &#8220;potential corporate wrongdoing,&#8221; revealing the scale of the case.<\/p>\n<p>The operator previously believed the investigation was targeting former third-party suppliers, specifically payment providers. However, it later denied any connection between its former payment subsidiary, Kalixa (sold to Senj\u014d Group in 2017), the collapsed German giant Wirecard, and the Turkish operations.<\/p>\n<p>GVC is no more, long live Entain<br \/>\nLater in 2020, Kenny Alexander stepped down as CEO, followed by a complete restructuring. His successor, Shay Segev, soon moved to sports streaming platform DAZN. Jette Nygaard-Andersen now serves as CEO.<\/p>\n<p>The business&#8217;s corporate structure has changed significantly, with the company rebranding as Entain in November 2020. <\/p>\n<p>At that point in time, Segev asserted that this more accurately mirrored the company&#8217;s philosophy of social accountability.<\/p>\n<p>Earlier this year, the company shifted its administrative and control functions from the Isle of Man to the United Kingdom, leading to a modification in its tax domicile.<\/p>\n<p>What will Kenny Alexander do in the future?<\/p>\n<p>With the resolution pertaining to the group being attained, it is highly probable that legal actions will be initiated against former executives, including CEO Alexander.<\/p>\n<p>This appears to have scuttled the bid by Alexander, former Chairman Lee Feldman, and former CFO Stephen Morana to assume control of 888 Holdings earlier this year. FS Gaming, an investment vehicle supported by the trio, obtained a 6.57% interest in the operator in June.<\/p>\n<p>They then suggested appointing Alexander as CEO, Feldman as Chairman, and Morana as CFO. However, the Gambling Commission stepped in, cautioning that it possessed final approval authority over alterations in company control.<\/p>\n<p>If it did not endorse the change, the operator would encounter a suspension of its UK license, prompting 888 to terminate the discussions. However, it still confronts a licensing review as a consequence of the situation.<\/p>\n<p>Per Widerstrom was ultimately named CEO in July, replacing Itai Pazner.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The betting behemoth, Entain, has allocated a hefty \u00a3585 million in reserves tied to a&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Entain Sets Aside \u00a3585 Million for Turkish Tax Probe<\/title>\n<meta name=\"description\" content=\"Entain has allocated \u00a3585 million in reserves for a Turkish tax probe, as the company negotiates a Deferred Prosecution Agreement with the UK\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Entain Sets Aside \u00a3585 Million for Turkish Tax Probe\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Entain has allocated \u00a3585 million in reserves for a Turkish tax probe, as the company negotiates a Deferred Prosecution Agreement with the UK\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Unlock Your Winning Potential | Licensed Online Casino Games\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T18:17:44+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/\",\"url\":\"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/\",\"name\":\"Entain Sets Aside \u00a3585 Million for Turkish Tax Probe\",\"isPartOf\":{\"@id\":\"https:\/\/7bitcasinobonuscode.icu\/#website\"},\"datePublished\":\"2024-06-27T18:17:44+00:00\",\"dateModified\":\"2024-06-27T18:17:44+00:00\",\"author\":{\"@id\":\"https:\/\/7bitcasinobonuscode.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Entain has allocated \u00a3585 million in reserves for a Turkish tax probe, as the company negotiates a Deferred Prosecution Agreement with the UK\",\"breadcrumb\":{\"@id\":\"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/entain-sets-aside-585-million-for-turkish-tax-probe\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/7bitcasinobonuscode.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Entain Sets Aside \u00a3585 Million for Turkish Tax Probe\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/7bitcasinobonuscode.icu\/#website\",\"url\":\"https:\/\/7bitcasinobonuscode.icu\/\",\"name\":\"Unlock Your Winning Potential | Licensed Online Casino Games\",\"description\":\"Indulge in the excitement of licensed online gambling with the help of our regularly updated news, comprehensive reviews, and expert articles. 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