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Umar Kremlev - man in a hurry, AIBA President without a honeymoon period

Sunday, 20 December 2020
Most Presidents can expect at least a short honeymoon period. Umar Kremlev, elected last Saturday (December 12) as President of the International Boxing Association (AIBA), will have no such luxury.
As explained in a recent auditor’s report, dated November 10, AIBA needs to secure almost immediate payment of some of the monies related to two 2021 boxing competitions if it is to be able to repay its debts.
Should continuing as a going concern prove beyond it, the report goes on with meticulous clarity, the financial statements would have to be prepared on the basis of liquidation values and the Executive Committee would have to consider the Association as insolvent which will lead to its dissolution . ....

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AIBA ability to repay debts depends on agreements for competitions

Monday, 14 December 2020
The International Boxing Association (AIBA) faces a critical few weeks, with an auditor warning it will be unable to repay its debts when they fall due if payments related to next year s competitions are not received before January.
The assertion comes in an auditor s report on AIBA s financial statements for the year-to-end June 2020.
The report, by Nyon-based Moore Stephens Refidar, states: The ability of [AIBA] to continue as a going concern and to repay its debts will depend upon the proper execution of two agreements signed for 2021 competitions.
As of today [10 November 2020], the payment schedule for the first competition has not been respected and the payment for the second competition is expected in December 2020. ....

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