Codere named in former Spanish Finance Minister investigation
Cristóbal Montoro is said to have had close connections to Codere SA
Key points:
– Codere has been linked to an investigation into former Spanish Finance Minister Cristóbal Montoro by Catalan police
– Codere was reportedly in conversation with Montoro’s then-Chief of Staff, discussing foreign online gaming licences
Catalan police have pointed out ‘possible irregularities’ in the treatment of Codere by the Ministry of Finance and the Tax Agency “thanks to the intervention of the consulting firm Equipo Económico.”
Indeed, agents from the Central Anti-Corruption Unit explained that, under the authority of former Spanish Finance Minister Cristóbal Montoro, and in collaboration with the National Fraud Investigation Office (ONIF), which reports to the Tax Agency, tax payments by foreign gaming operators seeking a licence were being utilised to pressure operators and thus reduce their numbers.
According to Catalan police, emails suggest Equipo Económico was in part responsible for this operation – and, most notably, has had Codere as a client since 2008, with Codere paying the firm €679,000 ($790,577).
Moreover, it was reported that Codere was particularly interested in online gaming regulation, which was amended under Law 13/2011.
Good to know: In Q1 2025, Codere Online reported net gaming revenue of €57m, up 8% year-on-year
Alongside emails between Codere and Montoro’s then-Chief of Staff, the ONIF also carried out investigations on online gaming companies applying for Spanish licences, with one email including a list of all possible self-assessments.
No response from Codere has been released.
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