21 Jul 2020 07:00
21 July 2020
GVC Holdings PLC
("GVC")
HM Revenue & Customs
On 28 November 2019, GVC Holdings (UK) Limited (the "Company"), a subsidiary of GVC Holdings PLC, received an order requiring it to produce information to HM Revenue & Customs ("HMRC") relating to the group's former Turkish facing online gambling business. At that 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.
Prior to 20 July, it had been understood that no GVC entity was a subject of HMRC's investigation, following requests for clarity from HMRC as to the status of its investigation. However, HMRC yesterday informed the Company that it was widening the scope of its investigation and is now examining "potential corporate offending" by an entity (or entities) within the GVC group which HMRC has not yet identified.
Both the Company and GVC are surprised by the decision to extend the investigation in this way and are disappointed by the lack of clarity provided by HMRC as to the scope of its investigation. 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. 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.
A further update will be provided, if appropriate.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Company Secretariat |
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GVC Holdings PLC |
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Robert Hoskin | secretary@gvcgroup.com |
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Investor Relations |
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GVC Holdings PLC |
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David Lloyd-Seed, Director of Investor Relations & External Communications |
Tel: +44 (0) 203 938 0000 |
Jennifer Spencer, Investor Relations Manager | investors@gvc-plc.com |
Media |
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PowerscourtRory Godson / Rob Greening |
Tel: +44 (0) 7909 926 020 Tel: +44 (0) 7809 698 259 |
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LEI: 213800GNI3K45LQR8L28
About GVC Holdings PLC:
GVC Holdings PLC (LSE:GVC) is a FTSE100 company and is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. The Group has also entered into a joint-venture with MGM Resorts to capitalise on the sports-betting and gaming opportunity in the US. The Group is tax resident in the UK with licenses in more than 20 countries, across five continents.
For more information see the Group's website: www.gvc-plc.com