TTS tatts group limited

News: TTS Tabcorp enters agreement with AUSTRAC to resolve Federal Court proceedings between...

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    Feb 16 (Reuters) - Tabcorp Holdings Ltd (TAH)

    • 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
 
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Currently unlisted public company.

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