'Can't Risk Losses for BFI's Failure to Comply With Obligations', says AIBA

NewsBharati    30-Apr-2020
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New Delhi, Aril 30: Following the concerns of the Boxing Federation of India (BFI) noticed by International Boxing Association (AIBA), it firmly said on Thursday that it "cannot take the risk to suffer further losses caused by BFI’s failure to comply with its obligations" and it had no option left other than to terminate India's contract of hosting the Men's World Championships 2021.
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AIBA said, "In the current situation, AIBA cannot take the risk to suffer further losses caused by BFI’s failure to comply with its obligations." 
AIBA clarified, "In 2017, the tournament was awarded to India, and a Host City Agreement was signed in January 2019. As per this agreement, half of the host fees were due and payable on 1 December 2019. But as New Delhi did not fulfill its obligations to pay the hosting fee as mentioned in the Host City Agreement, despite numerous reminders by AIBA and after having been offered multiple options to settle their obligations, AIBA had no choice but to terminate the contract in April 2020."
It further added, "The decision by AIBA was also prompted by the fact that almost two-thirds of the Host Fee due by BFI for having hosted the 2018 AIBA Women’s World Boxing Championships remains outstanding to date, more than 18 months after the event. This host fees should have been paid by BFI in summer 2018. AIBA showed a lot of patience and comprehension, agreeing on numerous successive repayment plans, which were never respected by BFI."
AIBA also disproved the allegations made by the BFI. "AIBA also disputes the reasons given by BFI for not paying their dues to AIBA. Since June 2019, Serbia is no longer on the grey list of the Financial Action Task Force; BFI managed to make some payments to AIBA in the course of winter 2020, " it said.