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Sports Direct International Plc said an investigation of a $750 million tax claim by Belgian authorities identified clerical reporting errors but no evidence of material underpayments.

The U.K. retailer controlled by billionaire Mike Ashley hired accounting firm PwC to carry out the probe. The matter will not lead to material liabilities, the company said. The shares rose as much as 5.2% early Monday in London.

Sports Direct said in July, when it disclosed the bill, that the claim related largely to goods transported through Belgium. It was the latest of a series of headaches for the company, already struggling to turn around troubled department-store chain House of Fraser, which it acquired last year as the U.K.’s retail crisis deepened.

House of Fraser is starting to show signs of recovery, Sports Direct said in its latest update. Overall earnings before interest, taxes, depreciation and amortization will grow by 5% to 15% for the financial year, it said.

In the Belgian probe, the country’s tax authority confirmed in writing this month that it is satisfied it has received all the information it has requested and that VAT has been correctly accounted for in the material it has reviewed so far, the company said.

(Updates with shares in second paragraph)

To contact the reporter on this story: Rebecca Smith in London at rsmith599@bloomberg.net

To contact the editor responsible for this story: Eric Pfanner at epfanner1@bloomberg.net

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