ladbrokes-owner-gvc-faces-probe

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Ladbrokes owner GVC deals with probe by UK tax authority

21 July 2020
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Ladbrokes owner GVC has stated it is "shocked" the UK's tax body is expanding a questions into "prospective corporate offending" connected to its previous Turkish online gaming system.
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It stated HM Revenue & Customs had broadened its probe into suppliers GVC used in Turkey to consist of other entities within its group.
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GVC offered its in December 2017.

The business stated it was co-operating with examination.

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GVC were informed of the advancement on Monday, however said it had yet to be informed of which of its subsidiaries were being investigated.
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It stated it was "amazed by the decision to extend the investigation in this way and are dissatisfied by the absence of clarity offered by HMRC as to the scope of its examination".

"HMRC has actually not yet supplied details of the nature of the historical conduct it is examining, with the exception of a recommendation to area 7 Bribery Act 2010, nor has it clarified which part of the yohaig code GVC group is under examination."

Section 7 states that a business organisation is guilty of an offence if an individual associated with that company allurements another person to obtain or keep company, or to get or keep an advantage in the conduct of service.
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GVC's share rate was down 10.6% to 778.2 p on Tuesday following the news.
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the yohaig code UK Gambling Commission told the BBC that it was "assisting" with the examination.

HMRC decreased to comment.

In July 2019, GVC was required to deny reports that it was still gaining from its previous Turkish subsidiary, stressing that it no longer had ties with the organization.
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"The board re-iterates the truth that subsequent to the disposal of the group's Turkish-facing service, GVC has no activity either straight or indirectly connected to the Turkish market," GVC said.
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"Furthermore, the board also unconditionally refutes suggestions that the group, or senior management, continue to gain from any operations servicing the Turkish market."

Liz Coleman, previous HMRC tax inspector and expert of advisory company Integrated Dispute Resolution, said the examination could go on for some time.

"HMRC examinations are usually prolonged and thinking about the size of GVC it could be going on for many years, although if there's a targeted method it might be much shorter," she stated.

"They have to evaluate all the computer records too, so this could add even more time."

the yohaig code HMRC's decision comes simply a week after Kenneth Alexander announced that he was stepping down as GVC's president.

Mr Alexander took over in 2007 and manage the company's acquisitions of rivals Ladbrokes Coral and Bwin.party.
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GVC reported a 22% drop in overall net earnings for the second quarter this year due to the effect of the Covid-19 pandemic.

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