Revolut Founder Joins Richard Desmond in Tax Haven as Lottery Dispute Intensifies
DUBAI, UAE – Nikolay Storonsky, founder and CEO of fintech giant Revolut, has relocated his tax residency to the United Arab Emirates, coinciding with Richard Desmond’s ongoing legal battle over the awarding of the National Lottery license to Allwyn. The move by Storonsky, reported by City A.M., adds another layer to a complex situation involving high-profile figures and a multi-billion pound contract.
Desmond’s Northern & shell, previously the owner of the Daily Express and OK! Magazine, lost out to Allwyn in the fiercely contested bidding process for the ten-year National Lottery licence. Northern & Shell is now pursuing a £1.3 billion lawsuit alleging irregularities in the process, claiming the Gambling Commission failed to adequately address conflicts of interest and breaches of protocol.
Desmond’s legal team argues that Allwyn engaged in unauthorized media engagement and criticism of the existing National lottery operator, Camelot, in violation of the Media and Communications Protocol. They contend the regulator did not properly investigate these alleged breaches, which they believe should have disqualified Allwyn.
The lawsuit also focuses on the role of Rothschild,the financial advisor appointed by the Gambling Commission to oversee the licence competition. Northern & Shell alleges a conflict of interest existed as rothschild had a pre-existing commercial relationship with Allwyn, and the Commission failed to identify or resolve this.
northern & Shell has already incurred costs of almost £20 million in its bid for the lottery contract and is seeking compensation for lost profits and wasted bid expenses. the outcome of the legal challenge could significantly impact the future operation of the National Lottery and raise questions about the transparency of the bidding process.
