GTECH history has its dark side
Tuesday, January 31st, 2006
By Chris Fitzsimon
Company: Ethics emphasized now
David Ranii, Staff Writer
GTECH, the company chosen to run the N.C. Education Lottery’s games, is a name-brand business with a history of controversy.
The Rhode Island company’s dominance in lotto-type games — in which players typically choose their own numbers — has made its stock a better investment than the long odds that come with buying lottery tickets. GTECH, which has agreed to be acquired for $4.65 billion by Italy’s Lottomatica, is No. 1 in lotto-type games with 27 contracts in the U.S. market and 59 overseas, a Citigroup report says.
Still, charges of influence-peddling have dogged GTECH, including:
* A Brazilian prosecutor started a criminal investigation in 2004, alleging that two GTECH employees offered bribes to win a contract. The case was dropped, and no charges were filed. The Securities and Exchange Commission has begun its own investigation. (more…)
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