Amateur | News | Premium | Jul 22 2017

AIBA faces financial mismanagement claims

Olympic boxing governing body AIBA reacts to concerns over debts
AIBA
Boxing - Men's Fly (52kg) Final Bout 271  |  Action Images/REUTERS/Matthew Childs

AIBA, the world governing body for Olympic boxing, has addressed claims of financial mismanagement.

In a report the Guardian alleges AIBA “risks bankruptcy” as an Azeri company seeks repayment of a $10 million loan and a dispute emerges over investments made by Hong Kong firm FCIT in AIBA’s beleaguered Boxing Marketing Arm, known as the BMA.

In a statement AIBA has insisted that they have agreed a repayment plan with Benkons MMC, the Azeri investor, saying, “Benkons MMC had never claimed any payment from AIBA nor called upon the guarantee contained in the Investment Agreement until its letter dated July 19, 2017. Benkons and AIBA in fact had reached an agreement in which AIBA assumes the obligation to reimburse the loan and Benkons MMC agrees to a repayment schedule. Benkons’ lawyers reviewed this Settlement Agreement and expressly approved its content on all the essential features.”