Ladbrokes Owner GVC Faces Probe
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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 said it is "surprised" the UK's tax body is broadening a questions into "prospective corporate upseting" associated with its previous Turkish online gaming unit.

It said HM Revenue & Customs had actually expanded its probe into suppliers GVC utilized in Turkey to include other entities within its group.

GVC sold its Turkish organization in December 2017.
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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.

It said it was "surprised by the decision to extend the examination in this way and are dissatisfied by the yohaig code absence of clarity provided by HMRC regarding the scope of its investigation".

"HMRC has actually not yet provided information of the nature of the historic conduct it is examining, with the exception of a referral to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under examination."

Section 7 states that a commercial organisation is guilty of an if an individual related to that company bribes another person to acquire or maintain company, or to obtain or keep a benefit in the conduct of service.

GVC's share price was down 10.6% to 778.2 p on Tuesday following the news.
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The UK Gambling Commission informed the BBC that it was "assisting" with the investigation.

HMRC declined to comment.

In July 2019, GVC was required to reject reports that it was still gaining from its former Turkish subsidiary, worrying that it no longer had ties with the company.

"The board re-iterates the reality that subsequent to the disposal of the group's Turkish-facing organization, GVC has no activity either directly or indirectly connected to the Turkish market," GVC stated.
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"Furthermore, the board also unconditionally refutes tips that the group, or senior management, continue to take advantage of any operations servicing the Turkish market."
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Liz Coleman, previous HMRC tax inspector and specialist of advisory firm Integrated Dispute Resolution, said the examination might go on for some time.

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

"They need to evaluate all the computer records too, so this promotion code might include even more time."

The HMRC's choice comes just a week after Kenneth Alexander revealed that he was stepping down as GVC's president.

Mr Alexander took over in 2007 and oversaw the company's acquisitions of competitors Ladbrokes Coral and Bwin.party.

GVC reported a 22% drop in overall net profits for the second quarter this year due to the impact of the Covid-19 pandemic.

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