LONDON (Alliance News) - Arena Events Group PLC said Tuesday the settlement between its US subsidiary, Arena Event Services Inc, and the US Attorney's Office has been signed by the US government and is now "full and final".
In August, the company, which provides temporary event structures like ice rinks, seating, furniture & interiors, reached a USD5.4 million settlement agreement with the US Attorney's Office for the Southern District of Georgia to resolve the ongoing investigation into the company's US unit Arena Americas.
The settlement includes the payment by Arena Americas of USD4.8 million in equal installments over five years and an additional contingent payment of up to USD600,000 dependent upon financial performance of the unit.
The US government launched a probe into Arena Americas after one of its customers was charged by the government for violating Small Business set-aside program.
The customer won certain contracts from the US Department of Defence between 2007 and 2017 that were designed to support the development of small businesses and subsequently engaged Arena Americas, amongst other sub-contractors, to supply product and labour for the delivery of the contracts.
Arena Events shares were trading up 0.7% at 68.00 pence.