In an article that ran in the New York Times on Sunday, Oct. 30, investigative reporters Ken Belson and Ognian Georgiev shined a harsh light on AIBA. According to the authors, the PricewaterhouseCoopers accounting firm, under orders from Thomas Bach, the president of the International Olympic Committee, looked into the financial affairs of AIBA and discovered potential criminality.
The firm's investigation focused on a $10 million loan to AIBA in 2010 from a company in Azerbaijan. The money was to help pay for a new semiprofessional boxing league in North America. The loan was never repaid and "investigators could not account for more than $4.5 million of the money that was spent."
The private company that lent AIBA the money has been identified as Benkons MMC. There are no sports related businesses in the company's portfolio. The New York Times authors note that since the loan was made there has been an uptick in the fortunes of Azerbaijani amateur boxers.
Question for readers: If you had a chance to invest in a semiprofessional boxing league in North America, do you think this would be a wise investment?
The firm's investigation focused on a $10 million loan to AIBA in 2010 from a company in Azerbaijan. The money was to help pay for a new semiprofessional boxing league in North America. The loan was never repaid and "investigators could not account for more than $4.5 million of the money that was spent."
The private company that lent AIBA the money has been identified as Benkons MMC. There are no sports related businesses in the company's portfolio. The New York Times authors note that since the loan was made there has been an uptick in the fortunes of Azerbaijani amateur boxers.
Question for readers: If you had a chance to invest in a semiprofessional boxing league in North America, do you think this would be a wise investment?
AIBA (amateur boxing's international governing body) reeks with corruption says the NY Times
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