Governing Bodies
Swiss bank Julius Baer to pay US$80 million to end FIFA laundering probe
Julius Baer Group Ltd will pay almost US$80 million (S$106 million) to resolve a US probe of its role in the payment of tens of millions of dollars in bribes to leaders of Fifa, the governing body for world football.
The United States charged the Swiss private bank with a money-laundering conspiracy and will drop the case in three years as part of a deferred-prosecution agreement, if the bank meets certain conditions. Federal prosecutors and the bank’s general counsel appeared in a video conference on Thursday (May 27) before US District Judge Pamela Chen in Brooklyn, New York.
Julius Baer will pay a fine of US$43.3 million and forfeit US$36.4 million. The bank said in November it had set aside US$79.7 million to resolve the case. It has cooperated with US authorities since 2015 in a corruption investigation involving officials and affiliates of Fifa and associated sports media and marketing firms.
The bank “agreed with sports marketing executives and football officials to launder at least US$36,368,400 in bribe payments through the United States in furtherance of a scheme in which sports marketing companies bribed football officials in exchange for broadcasting rights to football matches,” according to a statement of facts that Julius Baer admitted.
The bank declined to comment on the agreement.
Massive crackdown
The pact is part of a massive US crackdown on corruption in Fifa that led to at least 26 guilty pleas as well as deferred- or non-prosecution agreements involving several sports marketing and athletic apparel corporations.
A former Julius Baer banker, Jorge Arzuaga, was sentenced in November to three years of probation for facilitating the payment of bribes to the presidents of the Argentine Football Federation and the South American Football Confederation. He cooperated with investigators.
While the bank contacted prosecutors shortly after the US made its first Fifa arrests in May 2015, it failed to “come forward with all evidence pertaining to the involvement of senior management,” according to court papers. That conduct involved two senior managers, including one executive board member. Neither manager was named.
Since then, the bank has made a “significant effort to remediate its historically deficient compliance programme,” spending US$112 million on a three-year programme to bolster its anti-money laundering controls, the papers said.
The bank has faced other scandals in recent years.
In 2018, former banker Matthias Krull was sentenced to 10 years in prison for his role in a plot to launder US$1.2 billion stolen from Venezuela’s state-owned oil producer, Petroleos de Venezuela SA.
In 2016, the bank paid US$547 million and signed a deferred-prosecution agreement after admitting it helped thousands of Americans conceal billions of dollars in assets from the US Internal Revenue Service. Two bankers pleaded guilty.
And in March, Julius Baer announced that Swiss regulator Finma was lifting a ban on complex acquisitions it imposed on the bank in February 2020 over its inadequate money-laundering controls.
–BLOOMBERG
Governing Bodies
Sanusi set for record-extending tenure as Nigeria’s football politicians assemble in Asaba
BY KUNLE SOLAJA.
Speculations gathered ahead of the 2024 Annual General Meeting of the Nigeria Football Federation holding in Asaba on Friday have it that tenure elongation for the General Secretary, Dr. Mohammed Sanusi, is a major item on the agenda.
Neither formal confirmation nor denial has been issued since one of the leading newspapers in Nigeria, ThisDay dropped the hint.
The agenda of the meeting is also not made public. Dr, Sanusi is the longest-serving General Secretary in history having been in office from 30 March 2015 making 3,476 days or nine years six months and four days.
It easily drowned that of his closest rival in tenure – Sani Toro whose tenure from 21 December 1993 to 3 May 1999 is merely 2020 days or five years, six months and 12 days.
Thus, no one had enjoyed a longer period in office than the incumbent, Dr. Mohammed Sanusi. It is speculated that the tenure will be extended as NFF has reported that all delegates have arrived in the Delta State capital by Thursday evening.
The NFF Annual General Assembly, the first of which took place 90 years ago in Lagos on 19 February 1934, is the biggest assemblage of football administrators and stakeholders in the country.
In one such meeting on 24 July 2008 in Makurdi, the football body changed its name from NFA to NFF.
This year, according to a press release by the NFF, the plenary will have in attendance, the chairmen and secretaries of football associations in the 36 States and the Federal Capital Territory, chairmen and secretaries of the Nigeria Premier Football League, Nigeria National League, Nigeria Women Football League and the Nationwide League One, as well as chairmen and secretaries of the referees’ association, players’ union and coaches’ association. This group of 88 makes up the Congress.
They are joined by the members of the NFF Executive Committee and the management team as well as former NFF Presidents and General Secretaries.
The Minister of Sports Development, John Owan Enoh, is announced as the special guest. Nigeria’s Member of the FIFA Council, Amaju Melvin Pinnick is also expected as well as a representative of the West African Football Union (WAFU B).
The Governor of Delta State, Sheriff Francis Oborevwori will declare the General Assembly open.
Venue is the Unity Hall of the Delta State Government House.
Governing Bodies
Like in Egypt, former Nigerian Olympian, Sadiq Abdulahi wants Tinubu to declare ‘State of Emergency’ in Sports
Former Nigerian tennis player and Olympian, Prof. Sadiq Abdulahi has called for drastic action to arrest the decline of Nigeria in global sporting events.
The former tennis player who is now a professor in the United States declared that the “failure to win a medal at the regular 2024 Paris Olympics, the few medals at the Paris Paralympic and the fallout at the National Youth Sports Festival has exposed the deep problems facing the sport’s sector.”
He wants Nigeria to have the same approach that the Egyptian president has taken while reacting to the country’s performance at the Paris 2024 Olypics.
Egypt’s President Abdel-Fattah al-Sisi ordered a comprehensive evaluation of sports federations that participated at the Paris Olympic Games, following a mission report submitted by the country’s sports minister.
According to Prof. Abdulahi, the National Sports Federations charged with the preparation of elite athletes have failed to do their job despite the cry for funding from the government.
“Federal Government cannot adequately fund all the Olympics sports. It is impossible.
“By declaring a state of emergency, new people, new approaches and new funding models will be identified. More importantly, the Federal Government will redefine grassroots sports development.
“We will lay sustainable foundation for sports development.”
Continuing, he called for the return of the National Sports Commission (NSC) which enabling decree was abolished through Decree No. 7 of 1991, but came back through presidential proclamation under Sani Abacha before it was abolished again.
The original NSC was established in 1964 as National Sports Council before the promulgation of Decree 34 of 1971 which legalised it as the apex Federal Government agency to control, regulate and organize sports.
“The FG may now bring back the National Sports Commission or the National Sports Authority. Our emerging national economy with the full participation of the private sector can support this new beginning. I hope this helps.”
RELATED STORY: President Al-Sisi orders sports system overhaul
Governing Bodies
CAF gives Yoruba and Arabic interpretations of ‘OLA’ the Super Cup 2024 Official Match Ball
The Confédération African of Football, CAF, has given the linguistics interpretation of OLA, the confederation’s official match balls produced by Puma which has also unveiled a special edition for the Super Cup duel holding on Friday in Saudi Arabia.
According to CAF, OLA, symbolizing the dynamic and energetic nature of African football, means “wealth,” “honour,” and “respect” in Yoruba and “rise” and “success” in Arabic.
The OLA ball stands out with its vibrant design and cultural significance. “OLA”
The ball is a mix of black and gold, representing power and sophistication. The ball will be the centrepiece of the eagerly-awaited match between the two giants of African football.
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