Ladbrokes-owner Entain enters into $729 million settlement on Turkish bribery probe

(Reuters) -Entain on Friday agreed to pay a penalty of 585 million pounds ($729 million) under a deferred prosecution agreement with the UK’s Crown Prosecution Service relating to alleged bribery offences at the gambling firm’s former Turkish unit.

The deal could draw a line under the probe that has been a legal overhang since it was launched by the HMRC in 2019.

The owner of Ladbrokes and Coral betting shops said the terms were in line with the provision announced in August, and it would now seek final judicial approval on Dec. 5.

As part of the penalty, the company would make a charitable donation of 20 million pounds and a contribution of 10 million pounds to HMRC and the CPS’s costs, Entain said in a statement.

It would pay the penalty in instalments over the term of the deal, which will be four years from the date of the final court approval, the company added.

CPS, which prosecutes criminal cases that have been investigated by the police and other organisations in England and Wales, did not immediately respond to a Reuters request for comment.

($1 = 0.8025 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber)