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NY TIMES FOCUSES THEIR SPOTLIGHT ON AIBA

SURELY THE PRESIDENT OF AIBA, C. K. WU, IS NOW FULLY AWARE THE ALLEGATION MADE BY THE BBC NEWSNIGHT SOME FOUR YEARS AGO, THAT AIBA CORRUPTLY RECEIVED US $10 MILLION DOLLARS IN EXCHANGE FOR TWO AZERBAIJAN BOXERS BEING GUARANTEED TWO GOLD MEDALS AT THE 2012 LONDON OLYMPIC GAMES, IS NOT GOING TO GO AWAY DESPITE THE DENIAL BY AIBA TO THE BBC CLAIM.

 The End of Amateur Boxing as AIBA Tells National Federations to Drop ... It is known AIBA briefed a top London law firm that specialises in defamation matters and threatened to sue the BBC unless the public broadcaster made an apology.

The BBC stood firm and no defamation proceedings were issued

Their report claims pressure from the Olympic Games administrators to address possible financial problems, the President of AIBA C K Wu, the self-appointed body responsible for administrating World amateur boxing, ordered an investigation by the accountancy firm Price Waterhouse.

The PWC report revealed irregularities so serious the accounting firm included in their report a recommendation AIBA should brief a criminal lawyer.

The New York Times has stated AIBA President Wu did not release the report, not even to the IOC Executive Board, which has ultimate responsibility for Olympic boxing.

A full copy of the explosive report has recently been obtained by the NY Times. The newspaper has reported, “It reveals bookkeeping shortfalls and raises questions about the management of one of the most prominent Olympic sports."

The 39-page investigative report, however — amplified by interviews with about a dozen current and former AIBA employees — is one of the fullest accountings of the sport’s financial troubles, which critics suspect stem from corruption.

NY Times has stated the investigators focused on a $10 million loan in 2010 from a private Company in Azerbaijan to help pay for a new boxing league in North America.

NY Times reports: “The loan was never paid back, and investigators could not account for how more than $4.5 million of the money was spent. The federation, which goes by the acronym AIBA, could not say where the missing money went.

“The audit dates to 2015, when Ching-kuo Wu, the President of AIBA, fired his deputy, Ho Kim, after an internal revolt by AIBA staff members who opposed him.”

The NY Times report continued and confirms Thomas Bach, President of the International Olympic Committee, is under increasing pressure to address corruption and clean up the image of international sports, has ordered Mr. Wu to look into the wayward $10 million loan.

The fact that the matter was ordered to be referred to Price Waterhouse Coopers is obviously of benefit to IOC and, particularly, its President Thomas Bach.

Mark Adams, a spokesman for I.O.C., said Mr. Wu was asked to “carry out a full, transparent and independent audit.” The I.O.C., he said, “has made it clear with the Olympic Agenda 2020 reforms that we expect good governance and transparency from all sporting organizations.”

Apparently, according to the NY Times a copy of the original loan agreement, obtained by the newspaper from a member of AIBA’s executive committee who was disappointed with Mr. Wu’s lack of transparency, Mr. Wu personally signed for the loan, which was made to an AIBA subsidiary. Yet AIBA is unable to explain why it borrowed money from a company with no obvious ties to boxing.

According to a copy of the original loan agreement, obtained and revealed by the NY Times from a member of AIBA’s executive committee who was disappointed with Mr. Wu’s lack of transparency, Mr. Wu personally signed for the loan, which was made to an AIBA subsidiary.

Yet AIBA is unable to explain why it borrowed money from Benkons MMC, a conglomerate based in Baku, Azerbaijan, that seemingly had no sports-related businesses.

In a statement to the NY Times, AIBA said it was looking into the reports of problematic bookkeeping at the boxing venture in North America, but it suggested Mr. Ho Kim was to blame because he oversaw that project..

The NY Times public revelations will cause serious concern within IOC because AIBA has an obligation to keep the IOC advised on all serious financial matters. Mr. Wu is on the I.O.C’s. Executive Board. ~

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