Ladbrokes Owner GVC Faces Probe
Ladbrokes owner GVC deals with probe by UK tax authority
21 July 2020
Ladbrokes owner GVC has said it is "stunned" the UK's tax body is expanding a query into "potential corporate offending" related to its previous Turkish online gambling system.
It stated HM Revenue & Customs had expanded its probe into suppliers GVC used in Turkey to consist of other entities within its group.
GVC offered its Turkish business in December 2017.
The business stated it was co-operating with investigation.
Genting Casinos closures put 1,600 tasks at risk
GVC were informed of the development on Monday, however stated it had yet to be informed of which of its subsidiaries were being investigated.
It said it was "shocked by the choice to extend the examination in this way and are dissatisfied by the absence of clearness provided by HMRC regarding the scope of its investigation".
"HMRC has not yet offered information of the nature of the historical conduct it is investigating, with the exception of a referral to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."
Section 7 states that a commercial organisation is guilty of an offence if an individual associated with that business allurements another person to acquire or maintain organization, or to obtain or retain an advantage in the conduct of company.
GVC's share price was down 10.6% to 778.2 p on Tuesday following the news.
The UK Gambling Commission told the BBC that it was "assisting" with the examination.
HMRC decreased to comment.
In July 2019, GVC was forced to deny reports that it was still taking advantage of its previous Turkish subsidiary, worrying that it no longer had ties with business.
Ladbrokes owner GVC deals with probe by UK tax authority
21 July 2020
Ladbrokes owner GVC has said it is "stunned" the UK's tax body is expanding a query into "potential corporate offending" related to its previous Turkish online gambling system.
It stated HM Revenue & Customs had expanded its probe into suppliers GVC used in Turkey to consist of other entities within its group.
GVC offered its Turkish business in December 2017.
The business stated it was co-operating with investigation.
Genting Casinos closures put 1,600 tasks at risk
GVC were informed of the development on Monday, however stated it had yet to be informed of which of its subsidiaries were being investigated.
It said it was "shocked by the choice to extend the examination in this way and are dissatisfied by the absence of clearness provided by HMRC regarding the scope of its investigation".
"HMRC has not yet offered information of the nature of the historical conduct it is investigating, with the exception of a referral to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."
Section 7 states that a commercial organisation is guilty of an offence if an individual associated with that business allurements another person to acquire or maintain organization, or to obtain or retain an advantage in the conduct of company.
GVC's share price was down 10.6% to 778.2 p on Tuesday following the news.
The UK Gambling Commission told the BBC that it was "assisting" with the examination.
HMRC decreased to comment.
In July 2019, GVC was forced to deny reports that it was still taking advantage of its previous Turkish subsidiary, worrying that it no longer had ties with business.