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Ladbrokes owner GVC deals with probe by UK tax authority
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21 July 2020
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Ladbrokes owner GVC has stated it is "stunned" the UK's tax body is expanding a query into "possible business angering" related to its former Turkish online gaming system.
It said HM Revenue & Customs had actually expanded its probe into providers GVC utilized in Turkey to consist of other entities within its group.
GVC sold its Turkish company in December 2017.
The business said it was co-operating with investigation.
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GVC were notified of the advancement on Monday, however stated it had yet to be notified of which of its subsidiaries were being examined.
It stated it was "surprised by the choice to extend the investigation in this promotion code method and are disappointed by the lack of clearness supplied by HMRC regarding the scope of its examination".
"HMRC has not yet offered information of the nature of the historical conduct it is investigating, 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 offence if an individual connected with that business kickbacks another individual to obtain or maintain business, or to get or keep a benefit in the conduct of business.
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GVC's share rate was down 10.6% to 778.2 p on Tuesday following the news.
The UK Gambling Commission informed the BBC that it was "assisting" with the yohaig code examination.
HMRC declined to comment.
In July 2019, GVC was forced to deny reports that it was still gaining from its former Turkish subsidiary, worrying that it no longer had ties with business.
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"The board re-iterates the yohaig code reality that subsequent to the disposal of the group's Turkish-facing service, GVC has no activity either directly or indirectly connected to the Turkish market," GVC said.
"Furthermore, the board likewise categorically refutes tips that the yohaig code group, or senior management, continue to gain from any operations servicing the Turkish market."
Liz Coleman, previous HMRC tax inspector and expert of advisory firm Integrated Dispute Resolution, stated the examination might go on for a long time.
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"HMRC examinations are normally prolonged and considering the size of GVC it could be going on for many years, although if there's a targeted approach it might be shorter," she stated.
"They have to analyse all the yohaig code computer system records too, so this could include much more time."
The HMRC's decision comes simply a week after Kenneth Alexander revealed that he was stepping down as GVC's president.
Mr Alexander took over in 2007 and manage the company's acquisitions of competitors Ladbrokes Coral and Bwin.party.
GVC reported a 22% drop in total net profits for the second quarter this promotion code year due to the impact of the Covid-19 pandemic.
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					Ladbrokes Owner GVC Faces Probe
					
				
						
						evonnezwo88855 edited this page 2025-10-25 05:32:02 +08:00