Ladbrokes Owner GVC Faces Probe
Ladbrokes owner GVC faces probe by UK tax authority
21 July 2020
Ladbrokes owner GVC has said it is "surprised" the UK's tax body is expanding a questions into "prospective business angering" related to its previous Turkish online betting system.
It said HM Revenue & Customs had expanded its probe into suppliers GVC used in Turkey to include other entities within its group.
GVC sold its Turkish company in December 2017.
The company stated it was co-operating with examination.
Genting Casinos closures put 1,600 tasks at risk
GVC were notified of the development on Monday, however said it had yet to be notified of which of its subsidiaries were being investigated.
It stated it was "amazed by the choice to extend the investigation in this way and are disappointed by the absence of clearness supplied by HMRC as to the scope of its investigation".
"HMRC has actually not yet supplied information of the nature of the historic conduct it is examining, with the exception of a reference 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 offense if an individual related to that business bribes another individual to get or maintain service, or to acquire or keep an advantage 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 declined to comment.
In July 2019, GVC was required to reject reports that it was still gaining from its previous Turkish subsidiary, worrying that it no longer had ties with the company.
Ladbrokes owner GVC faces probe by UK tax authority
21 July 2020
Ladbrokes owner GVC has said it is "surprised" the UK's tax body is expanding a questions into "prospective business angering" related to its previous Turkish online betting system.
It said HM Revenue & Customs had expanded its probe into suppliers GVC used in Turkey to include other entities within its group.
GVC sold its Turkish company in December 2017.
The company stated it was co-operating with examination.
Genting Casinos closures put 1,600 tasks at risk
GVC were notified of the development on Monday, however said it had yet to be notified of which of its subsidiaries were being investigated.
It stated it was "amazed by the choice to extend the investigation in this way and are disappointed by the absence of clearness supplied by HMRC as to the scope of its investigation".
"HMRC has actually not yet supplied information of the nature of the historic conduct it is examining, with the exception of a reference 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 offense if an individual related to that business bribes another individual to get or maintain service, or to acquire or keep an advantage 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 declined to comment.
In July 2019, GVC was required to reject reports that it was still gaining from its previous Turkish subsidiary, worrying that it no longer had ties with the company.