Amateur boxing world association AIBA reaches an agreement with creditors

Lausanne (SID) The financially troubled amateur boxing world association AIBA has achieved an economic liberation. The association agreed to an out-of-court settlement with a creditor (Benkons) in a dispute over a loan worth ten million dollars (around eight million euros). The AIBA had guaranteed the loan from the World Series of Boxing (WSB). Uzbek Gafur Rakhimov, AIBA's new interim president since the end of January, described the agreement as a "significant step in restoring trust in the association." According to Rachimov, without resolving the dispute, AIBA would have faced bankruptcy. The agreement provides for the refund of part of the money from 2021. Another part of the amount is paid for through sponsorship. AIBA is in financial difficulties. After allegations of mismanagement and breach of trust, President Wu Ching-Kuo resigned in mid-November; the Taiwanese is said to have accumulated liabilities of over 30 million euros. IOC President Thomas Bach criticized the developments in the association particularly sharply and called for more transparency. The AIBA chief ethicist is due to present a report at the IOC executive meeting in Pyeongchang. The IOC had already put the financial aid on hold in December.

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Amateur boxing world association AIBA reaches an agreement with creditors

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