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Vodafone examines Ono tax fraud claims

Mobile phone giant Vodafone said Monday it was investigating allegations of tax fraud at its recently-acquired Spanish unit Ono.

Vodafone examines Ono tax fraud claims
British firm Vodafone purchased cable company Ono for €7.2 billion ($9.13 billion) earlier this year. Photo: Justin Tallis/AFP

It comes after a recent report in Spanish newspaper El Pais that cable company Ono had failed to declare an amount of value-added tax in alleged fraud before Vodafone's takeover earlier this year.

Vodafone said that as soon as it became aware of the issue, the company "instigated a forensic audit to investigate the facts relating to the alleged fraud".

"As this matter remains under investigation, we cannot comment further," it said.

 The British firm purchased Ono for €7.2 billion ($9.13 billion).

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MA

Vodafone makes bid for Kabel Deutschland

British mobile phone giant Vodafone said on Wednesday it had made a preliminary approach to Kabel Deutschland over a possible offer for the firm, Germany's biggest cable operator.

Vodafone makes bid for Kabel Deutschland
Photo: DPA

“Vodafone Group Plc notes the recent speculation regarding a potential offer for Kabel Deutschland Holding AG and confirms that it has made a preliminary approach to KD regarding a possible offer for the company,” the British group said in a short statement.

“There is no certainty that any offer will ultimately be made nor as to the terms on which any such offer might be made,” Vodafone added.

In reaction, Vodafone shares slumped 5.20 percent to 182 pence in London, while in Frankfurt Kabel Deutschland surged 6.92 percent to €79.90 in early deals.

AFP/mry

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