Former GVC executives, including Kenny Alexander, face significant accusations linked to a bribery scandal involving Turkey.
UK's Indictment of Ex-Ladbrokes CEO and Former GVC Executives Causes Stock Market Stir
Shares of Entain, the successor company of GVC Holdings, plummeted to "session lows" on the London Stock Exchange following the news of the UK's indictment of its former CEO Kenny Alexander, along with ten other ex-executives. The indictment, announced by the Crown Prosecution Service (CPS) in England and Wales, is in connection with historic sportsbook violations and other serious offenses.
The charges against Alexander, Lee Feldman, Richard Cooper, and James Humberstone include Conspiracy to Defraud, Conspiracy to Bribe, acting as a director of a company when undischarged bankrupt, fraudulent trading, cheating the public revenue, evasion of income tax, and perverting the course of justice.
The CPS Chief Crown Prosecutor, Hannah von Dadelszen, confirmed the authorization of the prosecution of these individuals for seven offences. The defendants are scheduled to appear at London's Westminster Magistrates' Court on October 6.
Entain had previously agreed a £615m ($827m) settlement with the CPS to cover itself from prosecution over historic GVC deals involving its former Turkish subsidiary Sportingbet. However, the company has stated that it has no further comment to make on the case, which is subject to ongoing criminal proceedings and reporting restrictions.
In a separate development, Kenny and Feldman had previously filed a suit against the UK Gambling Commission, alleging it shared private information relating to the Turkey business without their consent.
The investigation, led by HMRC's Fraud Investigation Service Director Richard Las, was described as "complex and international." Las emphasized that the resulting charges against the defendants were "serious." The CPS has also urged for diligent reporting to avoid prejudicing the proceedings.
Entain, in a statement, reinforced that it was not charged with any offence and that the defendants are no longer employed by the company or its group. The offenses charged to the former executives are said to date back from 2011 to 2018, and there is no publicly available information about any individuals being charged in October 20XX at the London Westminster Magistrates' Court in connection with these violations.
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