AIBA denies news report of financial irregularities

Focus Taiwan
Date: 2016/11/02
By: Lee Yu-cheng and Evelyn Kao

Taipei, Nov. 2 (CNA) The Taiwanese president of the International Boxing Association (AIBA) Wu Ching-kuo (吳經國) said Wednesday that a New York Times report on alleged financial irregularities in his 64917371organization was inaccurate and was probably linked to an AIBA staff member who was fired and may be seeking revenge.

According to the report published Monday in The New York Times, AIBA has been unable to account for almost half of a US$10 million loan that was obtained in 2010 from a private company in Azerbaijan to help pay for a new boxing league in North America.

The matter was uncovered by investigators from the accounting firm PricewaterhouseCoopers, which was commissioned in 2015 by Wu after he was pressured by Olympic officials to address possible financial problems in AIBA, the news report said.

The loan was never paid back, the investigators could not account for how more than US$4.5 million of the money was spent, and AIBA could not say where the missing money went, according to the New York Times.    [FULL STORY]

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