Tabcorp publishes plans after fee

The Australian gaming company, Tabcorp, will maintain its dividend targets after the Federal Court agreement on penalty due to financial irregularities.

Australia.- The leading Australian bookmaker Tabcorp has shared the company’s financial plans for this year, considering the payment of a penalty to the national government due to financial irregularities. Tabcorp agreed on paying US$ 34.5 million to end the case held by the Federal Court.

As representatives of the company revealed yesterday to local press, Tabcorp is maintaining this year its dividend targets. Tabcorp’s dividend target is still of 90 percent of net profit after tax “before significant items and the amortisation of the Victorian Wagering and Betting license, or $0.24 a share,” according to Asia Gaming Brief.

Meanwhile, the company reached an agreement with the Federal Court and the denouncer, the Australian Transaction Reports and Analysis Centre (AUSTRAC). Last month, Tabcorp admitted non-compliance with its Anti-Money Laundering and Counter-Terrorism Financing obligations, which led to the millionaire fine.

Until June, Tabcorp’s penalty will be recognised as an expense in its financial statement. The company will also pay AUSTRAC’s legal costs. Furthermore, the national operator expressed its intentions to remain as the leading company in regulatory compliance.