Connect with us
Advertisement
Advertisement

Entertainment

Investors plan £150 million lawsuit against Entain after corruption settlement

Published

on

Investors are preparing a £150 million lawsuit against Entain, one of the world’s largest sports betting and gaming companies, following the company’s recent settlement over corruption allegations. The settlement, which involved Entain agreeing to pay £17 million to UK authorities, has sparked a backlash among shareholders who feel misled about the company’s ethical practices and the potential impact on their investments.

The background of the corruption settlement

The lawsuit stems from a corruption investigation into Entain’s overseas operations, particularly its business activities in Turkey. According to reports from the UK Gambling Commission (UKGC), the company had engaged in practices that violated anti-corruption laws, including failing to ensure compliance in its Turkish operations and facing allegations of bribery and money laundering.

Entain, formerly GVC Holdings, reached a settlement agreement with the UKGC, agreeing to pay £17 million in fines to avoid further legal proceedings. The settlement drew significant attention to the company’s internal governance and compliance procedures, raising serious questions about how these breaches were allowed to occur.

The fallout from the settlement also led to changes in leadership. Jette Nygaard-Andersen, who had guided the company through this tumultuous period, resigned in December 2023. Her resignation followed the resolution of the investigation, marking a major shift for Entain’s leadership. Stella David was appointed interim CEO, taking on the task of managing the company’s response and stabilising its operations​.

Although Entain has since taken steps to overhaul its compliance structure, tighten policies, and improve staff training, the damage to its reputation has already been significant. These efforts, while essential, have come too late for many shareholders, as the scandal has already impacted the company’s market value and projected earnings​.

Challenges of the gambling industry

The gambling industry, particularly for large multinational operators like Entain, frequently encounters ethical and legal challenges, especially in regions with weaker regulatory frameworks. 

In countries like Turkey, where Entain’s bribery scandal emerged, regulatory oversight is less stringent compared to more regulated markets like the UK. This disparity can foster environments conducive to unethical practices such as bribery and money laundering.

Modern features like casino instant withdrawal enhance convenience for players but also present additional compliance risks. Entain’s issues in Turkey—highlighted by a significant bribery scandal—illustrate these risks. 

The company’s failure to adhere to anti-corruption laws has led to a major settlement and a pending lawsuit, eroding investor trust. This situation underscores the importance of maintaining robust governance and compliance measures to mitigate risks associated with less regulated markets. 

It serves as a reminder of the need for strong ethical standards and effective compliance programmes in the gambling sector. Investors must remain vigilant and advocate for rigorous governance practices to protect against the risks inherent in such environments.

Shareholders’ reaction and the planned lawsuit

Shareholders are proceeding with a £150 million lawsuit against Entain, claiming mismanagement and lack of transparency. They argue the company failed to fully disclose its legal risks during the corruption investigation, leaving investors unaware of the significant financial threat. 

Several institutional investors are accusing Entain’s leadership of neglecting to mitigate risks tied to its overseas operations, especially in areas prone to bribery. The investors seek compensation for losses from the company’s stock decline following the settlement, alleging the financial performance and stock value were artificially inflated due to the lack of disclosure.

The online gambling industry & Entain’s future

Gavin Isaacs was recently appointed CEO to help stabilise Entain and rebuild investor confidence. With extensive experience in the gaming industry, Isaacs is expected to focus on strengthening governance, transparency, and driving growth, especially in global markets, following the fallout from the corruption scandal

They also made some positive headlines as their shares recently jumped by 7.6%, driven by strong growth in its UK arm, boosted by the Paris Olympics and Euro 2024. The company also benefitted from new product launches ahead of the NFL season, signalling that its marketing and product development strategies may be yielding positive results

As companies continue to expand into international markets, the risks associated with corruption and weak regulatory oversight increase. For Entain, the consequences of failing to address these risks have been significant, leading to a financial and reputational crisis. The outcome of this lawsuit could set a precedent for how shareholders in the gambling industry respond to corporate mismanagement and ethical breaches in the future.

 

Entertainment

Community film season launches at Torch Theatre with audience-picked programme

Published

on

Grant from Ffilm Cymru Wales helps bring affordable independent cinema to Pembrokeshire

A SEASON of independent films chosen by local audiences is coming to Milford Haven this spring, as the Torch Theatre hosts a special programme designed to celebrate bold storytelling and community cinema.

Running from February through to mid-April, the Community Choices season has been made possible thanks to Wales-wide grant funding from Ffilm Cymru Wales. The scheme supports independent exhibitors to bring diverse and inspiring films to screens across the country.

At the Torch, audiences were invited to take part in programming workshops to help select the titles themselves. The final line-up reflects a mix of Welsh-language work, environmentally themed films and stories that break down social and economic barriers, ensuring something for all tastes.

Chelsey Gillard, the theatre’s Artistic Director, said: “We asked you, the people of Pembrokeshire, what films you wanted to see at the Torch – and we listened. There’s a terrific variety in this season, from family favourites to powerful dramas. We’re very grateful to Ffilm Cymru Wales for the funding that allows us to bring these wonderful films to the big screen, and we look forward to giving everyone a warm Torch welcome.”

The programme opens with Mr Burton on Sunday, February 8 at 4:15pm, followed by Flow on Tuesday, February 17 at 4:45pm. Fantastic Mr Fox screens on February 19 at 4:45pm, with Moonlight closing the month on Friday, February 20 at 6:15pm.

March’s line-up includes Born Free on March 4 at 2:15pm, Earth on March 12 at 11:00am, Sinners on March 15 at 7:00pm, Booksmart on March 22 at 2:00pm, and Gwledd (The Feast) on March 27 at 8:00pm.

The season continues into April with I Swear on April 2 at 2:00pm, One Battle After Another on April 5 at 4:00pm, and This is Spinal Tap on April 12 at 4:00pm, bringing the Community Choices series to a close.

All tickets are priced at £4 and include a free tea or coffee, helping to keep the screenings affordable and accessible for everyone.

For tickets and full details, visit the Torch Theatre website or call the box office on 01646 695267.

 

Continue Reading

Entertainment

One Night in Dublin returns to the Torch with a brand-new show

Published

on

ONE NIGHT IN DUBLIN is heading back to the stage at the Torch Theatre with a lively new production fronted by renowned Irish singer Danny Muldoon.

Tickets are already selling fast for the feel-good celebration of Irish music, which promises two hours of songs, stories and plenty of craic.

Backed by an award-winning five-piece band, Muldoon leads audiences through a packed set of sing-along favourites including Galway Girl, Tell Me Ma, The Irish Rover, Dirty Old Town, Whiskey in the Jar, The Wild Rover and The Galway Shawl, along with many more well-loved classics.

The show recreates the atmosphere of a bustling Dublin pub, complete with fiddle, whistle, guitars, banjo, bodhrán, accordion and driving drums, transporting the audience straight into “Murphy’s Tavern” for an unforgettable night of live entertainment.

Fans can also expect hits from Irish legends including The Pogues, The Saw Doctors, The Dubliners, The Fureys, Flogging Molly and Dropkick Murphys.

One Night in Dublin comes to the Torch Theatre on Thursday, March 26 at 7:30pm.

Tickets cost £26.50. Visit the theatre website or call the Box Office on (01646) 695267 to book.

 

Continue Reading

Entertainment

New appeal in search for missing Manic Street Preachers musician

Published

on

Family and charity issue fresh appeal for information about guitarist 31 years on

THIRTY-ONE years after the disappearance of Richey Edwards, a new public appeal has been issued urging anyone with information to come forward.

Edwards, guitarist and lyricist with Manic Street Preachers, vanished on January 31, 1995, in a case that has become one of the most enduring mysteries in British music history.

Missing for over 30 years: Richey Edwards

The then 27-year-old was last seen at the Embassy Hotel Bayswater in west London, where he had been staying ahead of a promotional trip to the United States. He checked out of room 561 but never reached his destination.

Despite numerous reported sightings over the years, none have ever been confirmed. Edwards was officially declared presumed dead in 2008, though his family continue to mark the anniversary of his disappearance and keep hope alive that answers may still emerge.

Anniversary appeal

The charity Missing People has released a statement in collaboration with Edwards’ sister Rachel, asking the public to remember the case.

In a social media post, the organisation said: “It is 31 years since Richard went missing, please keep his family in your thoughts.”

They also repeated key identifying details from the time he vanished. Edwards was described as white, around 5ft 7in tall, slim, with brown eyes and a shaved head. He had several distinctive tattoos, including a rose with the words ‘Useless Generation’, the phrase ‘I’ll surf this beach’, and a scar on his lower left arm where he had scratched the words ‘4 REAL’.

Unanswered questions

His car was later found near the Severn Bridge services, close to the Welsh border, prompting widespread searches but yielding no firm clues about what happened next.

At the time of his disappearance, the band were on the brink of international success. Edwards’ intense, literate songwriting and striking image had already made him a defining figure in Welsh rock music. More than three decades later, fans still hold vigils, create murals and share tributes across Wales and beyond.

Police say the case remains open.

Anyone with information is asked to contact the Metropolitan Police Service on 101 or use their online reporting service, quoting reference CONNECT REF 01/764429/24. Missing People also operates a free, confidential helpline on 116 000.

 

Continue Reading

Crime9 minutes ago

Teacher assaulted by pupil with weapon at Milford Haven school

Teenager arrested on suspicion of attempted murder after lockdown triggered A TEACHER was assaulted by a pupil brandishing a weapon...

Crime29 minutes ago

Lockdown at Milford Haven School after emergency services called

A LOCKDOWN was put in place at Milford Haven School shortly after the end of the school day on today...

international news5 hours ago

Pembrokeshire women conquer Atlantic in epic 3,000-mile row

PEMBROKESHIRE’S all-female rowing crew Merched y Mor have completed one of the hardest endurance challenges on the planet after crossing...

Crime21 hours ago

Sex offender jailed after living off grid in Pembrokeshire and refusing to register

Man walked into police station after months avoiding authorities A CONVICTED sex offender who told police he intended to live...

Crime1 day ago

More rape and sexual assault survivors to get right to challenge dropped cases

New review scheme to be rolled out across CPS Cymru-Wales following successful pilot SURVIVORS of rape and serious sexual assault...

Crime2 days ago

Man spared jail after admitting child abuse image offences

Police seized devices after intelligence linked Pembrokeshire address to illegal cloud storage accounts A 23-YEAR-OLD Pembrokeshire man has avoided immediate...

Community2 days ago

Cleddau at heart of major water reforms as ministers promise ‘fundamental reset’

New regulation plan aims to tackle pollution, sewage spills and ageing infrastructure COMMUNITIES along the River Cleddau could see tighter...

Crime2 days ago

Man caught in hotel sting after trying to meet girl, 13

Laugharne defendant confronted by paedophile hunters at St Clears Travelodge before suspended jail term at Swansea Crown Court A LAUGHARNE...

News2 days ago

Princess of Wales visits historic Pembrokeshire woollen mill

Catherine the Princess of Wales visited Melin Tregwynt, a historic family-owned woollen mill, today, highlighting the enduring traditions and skills...

Crime3 days ago

Arrest made after Carmarthen park stabbing investigation

Police thank community and media following public appeal to trace suspect AN ARREST has been made following last week’s stabbing...

Popular This Week