Ladbrokes Owner GVC Faces Probe
Ladbrokes owner GVC faces probe by UK tax authority
21 July 2020
Ladbrokes owner GVC has said it is "shocked" the UK's tax body is widening a query into "potential corporate offending" connected to its former Turkish online betting system.
It said HM Revenue & Customs had actually expanded its probe into providers GVC utilized in Turkey to include other entities within its group.
GVC sold its Turkish business in December 2017.
The business said it was co-operating with examination.
Genting Casinos closures put 1,600 tasks at threat
GVC were informed of the advancement on Monday, but said it had yet to be informed of which of its subsidiaries were being examined.
It said it was "amazed by the decision to extend the examination in this way and are dissatisfied by the absence of clearness supplied by HMRC regarding the scope of its investigation".
"HMRC has not yet offered details of the nature of the historic conduct it is examining, with the exception of a referral to section 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."
Section 7 states that an industrial organisation is guilty of an offense if a person connected with that business kickbacks another individual to obtain or keep organization, or to obtain or maintain a benefit in the conduct of company.
GVC's share cost was down 10.6% to 778.2 p on Tuesday following the news.
The UK Gambling Commission told the BBC that it was "helping" with the examination.
HMRC decreased to comment.
In July 2019, GVC was forced to deny reports that it was still gaining from its former Turkish subsidiary, stressing that it no longer had ties with business.
Ladbrokes owner GVC faces probe by UK tax authority
21 July 2020
Ladbrokes owner GVC has said it is "shocked" the UK's tax body is widening a query into "potential corporate offending" connected to its former Turkish online betting system.
It said HM Revenue & Customs had actually expanded its probe into providers GVC utilized in Turkey to include other entities within its group.
GVC sold its Turkish business in December 2017.
The business said it was co-operating with examination.
Genting Casinos closures put 1,600 tasks at threat
GVC were informed of the advancement on Monday, but said it had yet to be informed of which of its subsidiaries were being examined.
It said it was "amazed by the decision to extend the examination in this way and are dissatisfied by the absence of clearness supplied by HMRC regarding the scope of its investigation".
"HMRC has not yet offered details of the nature of the historic conduct it is examining, with the exception of a referral to section 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."
Section 7 states that an industrial organisation is guilty of an offense if a person connected with that business kickbacks another individual to obtain or keep organization, or to obtain or maintain a benefit in the conduct of company.
GVC's share cost was down 10.6% to 778.2 p on Tuesday following the news.
The UK Gambling Commission told the BBC that it was "helping" with the examination.
HMRC decreased to comment.
In July 2019, GVC was forced to deny reports that it was still gaining from its former Turkish subsidiary, stressing that it no longer had ties with business.