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9.2.5​ TMT corporate news
Ladbrokes bookmakers owner GVC Holdings has ​received​ an order requiring the company to produce information to HM Revenue & Customs (HMRC) in the UK relating to its former Turkish online gambling business.
HMRC has not offered any detail on the historic conduct concerned, other than a reference to section seven of the Bribery Act 2010, GVC said. The relevant section of the act relates to the failure of UK commercial organisations to prevent bribery anywhere that they carry out business.
The Isle of Man-based group disposed of its Turkish business in December 2017. It did so amid reports of concern among lenders backing the multi-billion pound takeover of Ladbrokes Coral about the risk of operating in a country where internet betting is essentially a black market activity.
The biggest challenge for payment companies operating on the Turkish market was sending payments out of the region without them being traced as gambling revenues, one former industry executive told the Financial Times.
The Turkey operation made £100mn of the group’s £823mn revenues in 2016, according to the newspaper.
9.2.6 ​Utilities corporate news
Karpowership, one of the world’s largest operators of floating power plants, agreed​ a five-year deal to provide electricity to Sierra Leone’s state power utility.
Karpowership — part of the Karadeniz Energy Group — already supplies around 80% of the West African nation’s electricity via two powerships anchored off the capital Freetown under a contract signed in 2018.
The vessels are dual-fuel powered using either heavy fuel oil or liquefied natural gas (LNG).
The new agreement will add 5 megawatts (MW) to current production. Karpowership will generate an average of 63 MW during the dry season and 23 MW during the wet season for Sierra Leone’s Electricity Distribution and Supply Authority.
Karpowership did not release financial details of the deal.
9.2.7 ​Metallurgy & mining corporate news 9.2.8 ​Other sector corporate news
Turkey’s Ronesans Industrial Facilities (RHI) ​said​ that it launched the construction of a casting and rolling mill in the Bekabad District of Uzbekistan’s Tashkent Region. The project is worth €210mn.
Turkey’s second-largest conglomerate, Haci Omer Sabanci Holding, reportedly has a pipeline of acquisitions​ for some of its industrial businesses as part of a new five-year strategy to cope in a post-coronavirus world. (​See details​)
S&P Global Ratings has withdrawn its CCC- long-term issuer credit rating on Turkish consumer electronics producer Vestel Elektronik​, at the company's request, according to a ​statement​ by the rating agency.
82​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com