Reuters logo
BRIEF-Tabcorp enters agreement with AUSTRAC to resolve Federal Court proceedings between parties
February 15, 2017 / 9:53 PM / 10 months ago

BRIEF-Tabcorp enters agreement with AUSTRAC to resolve Federal Court proceedings between parties

Feb 16 (Reuters) - Tabcorp Holdings Ltd

* AUSTRAC proceedings resolved

* Has entered into an agreement with AUSTRAC to resolve federal court proceedings between parties.

* Parties will seek orders from court that Tabcorp pays a penalty of $45.0 million

* parties will approach court within seven days to seek an order that tabcorp pays above amount

* AUSTRAC will withdraw remaining allegations of non-compliance.

* will make a number of admissions of non-compliance with its anti-money laundering and counter-terrorism financing obligations

* investment is scalable and transferrable, including in context of Tabcorp’s proposed combination with tatts group

* AUSTRAC will withdraw remaining allegations of non-compliance.

* fy17 dividend target remains greater of 90% of npat before significant items and amortisation of victorian wagering and betting licence or 24 cents per share

* if court agrees to make orders sought, tabcorp will recognise expense in its financial statements for year ending 30 June 2017 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below