GVC Holdings is being investigated by the UK’s HM Revenues and Customs over its former Turkey-facing online gambling business.
While the Ladbrokes Coral parent company had been asked in November 2019 to produce information concerning activity in Turkey, GVC stated that “at the time, the company understood that HMRC's investigation was directed at a number of former third party suppliers, relating to the processing of payments for online gambling in Turkey.”
Now, though, GVC has been informed by HMRC that the scope of the investigation is widening, with the tax authority “now examining ‘potential corporate offending’ by an entity (or entities) within the GVC group which HMRC has not yet identified.”
GVC, whose chairman Kenny Alexander announced his intention to step down last week, expressed its surprise over the extension of the investigation and by what it described as a “lack of clarity” on behalf of HMRC.
“HMRC has not yet provided details of the nature of the historic conduct it is investigating, 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,” the group stated.
“In the meantime, the company continues to co-operate fully with HMRC regarding the provision of information.”
The group disposed of its Turkish facing business in December, 2017.
