LONDON (Alliance News) - Vodafone Group PLC has said it has started an audit into potential VAT fraud at Grupo Corporativo Ono SA, the Spanish cable operator it acquired in July, Bloomberg reported on Sunday.
"As soon as Vodafone became aware of the issue we instigated a forensic audit to investigate the facts relating to the alleged fraud," said Vodafone spokesman Ben Padovan.
The probe is understood to be focused on potential fraud in VAT and whether Ono inflated sales of international calling minutes prior to the acquisition by Vodafone, Bloomberg said, citing reports in Spanish newspaper El Pais.
http://www.bloomberg.com/news/2014-10-26/vodafone-audits-ono-for-possible-vat-fraud-before-deal.html
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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