Tax fraud allegations tarnish takeover

VODAFONE’S £6 billion (€7.6 billion) acquisition of Spanish cable operator Ono has been marred by allegations of tax fraud.

An investigation has been launched into reports that a small group of staff at Ono traded international minutes via affiliate companies to avoid VAT payments.

The British telecommunications giant took over Ono in July of this year and is believed to have blocked all payouts to former Ono staff while investigations are under way. The former chairman, chief executive and chief financial officer of Ono had been primed to share around £50 million (€63.47 million) in bonuses following the takeover.

A Vodafone spokesperson confirmed that the company is looking into reports of tax fraud that allegedly took place before Ono was taken over.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Euro Weekly News Media

Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page


    Leave a comment

    Your email address will not be published.