Ladbrokes owner GVC deals with probe by UK tax authority
21 July 2020
Ladbrokes owner GVC has stated it is "shocked" the UK's tax body is broadening a query into "potential business offending" connected to its previous Turkish online betting unit.
It stated HM Revenue & Customs had expanded its probe into suppliers GVC utilized in Turkey to include other entities within its group.
GVC sold its Turkish company in December 2017.
The company said it was co-operating with examination.
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GVC were informed of the advancement on Monday, but stated it had yet to be informed of which of its subsidiaries were being investigated.
It stated it was "shocked by the decision to extend the examination in this method and are disappointed by the absence of clearness provided by HMRC as to the scope of its investigation".
"HMRC has not yet offered details of the nature of the historical conduct it is examining, with the exception of a reference to section 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."
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Section 7 states that a commercial organisation is guilty of an offense if a person associated with that business kickbacks another person to acquire or retain company, or to obtain or maintain an advantage in the conduct of company.
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GVC's share price was down 10.6% to 778.2 p on Tuesday following the news.
The UK Gambling Commission informed the BBC that it was "helping" with the examination.
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HMRC decreased to comment.
In July 2019, GVC was forced to deny reports that it was still taking advantage of its former Turkish subsidiary, stressing that it no longer had ties with the company.
"The board re-iterates the fact that subsequent to the disposal of the group's Turkish-facing company, GVC has no activity either straight or indirectly linked to the Turkish market," GVC stated.
"Furthermore, the board also categorically refutes recommendations that the group, or senior management, continue to gain from any operations servicing the Turkish market."
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Liz Coleman, former HMRC tax inspector and expert of advisory company Integrated Dispute Resolution, stated the investigation might go on for a long time.
"HMRC examinations are generally lengthy and thinking about the size of GVC it might be going on for years, although if there's a targeted approach it could be shorter," she stated.
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"They have to analyse all the computer system records too, so this promotion code could add even more time."
The HMRC's choice comes simply a week after Kenneth Alexander announced that he was stepping down as GVC's chief executive.
Mr Alexander took control of in 2007 and manage the business's acquisitions of competitors Ladbrokes Coral and Bwin.party.
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GVC reported a 22% drop in total net profits for the second this promotion code year due to the impact of the Covid-19 pandemic.
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Ladbrokes Owner GVC Faces Probe
soilamoreland edited this page 2025-10-21 08:43:39 +08:00