Betfair incorrectly pays dividend

on .

BetfairThe British bookmaker Betfair wrongly paid a dividend to its shareholders. For the past three years, the payouts were made despite the fact that the parent company Betfair Group PLC did not appear to have enough cash reserves, which the British newspaper, The Telegraph, claims after studying the annual report of the British gambling company.

In Betfair's annual report, dividend payouts of £60 million were made wrongly says the Telegraph, because "the company did not legally have sufficient reserves at its disposal to do that."

In addition, the British company indicated that it did not have enough money in its possession in April 2012 to buy back 6.5 million of its own shares.

The guidelines that the auditing organization fielded for England and Wales in 2010, was the main reason the mistakes were made according to the British betting company. The board of Betfair , however, says that direct measures were taken as soon as the error came to light.

Betfair shares listed on the London Stock exchange are currently trading at £1,120

Want to know more about this bookmaker, then read our Betfair review.
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