Swiss prosecution charges ISL managers; ramifications for FIFA???
From Reuters...
ISL managers charged in FIFA funds probe-magistrate
ZURICH, May 11 (Reuters)
Managers of FIFA's bankrupt former marketing partner ISL-ISMM have been charged with embezzling funds from contracts which it had with soccer's world governing body, a Swiss magistrate said on Wednesday. A four-year investigation into the ISL-ISMM group, once the world's biggest sports marketing company, resulted in charges of embezzlement, fraud and fraudulent bankruptcy for the unnamed defendants -- former managers of the company.
"The comprehensive investigations extended to five countries within and outside Europe," the examining magistrate for the canton (state) of Zug said in a statement on Wednesday, adding the sum in question ran to hundreds of million Swiss francs.
The defendants all plead not guilty to the charges, which have since been presented to the state prosecutor of the canton (state) of Zug, the statement added.
No date has been set for a possible trial.
The investigation into ISL, which handled World Cup marketing and television contracts, was sparked by a complaint filed by FIFA itself shortly after the marketing group collapsed with debts of at least $300 million in May 2001.
FIFA accused the management of not having forwarded monies generated by the licence contracts, the magistrate said, adding FIFA suspected that the money had been used by ISL to meet its financial commitments.
However, FIFA decided in June last year that it was no longer interested in pursuing a criminal investigation, the magistrate said.
---------------------------------------------------------------------
ISL managers charged in FIFA funds probe-magistrate
ZURICH, May 11 (Reuters)
Managers of FIFA's bankrupt former marketing partner ISL-ISMM have been charged with embezzling funds from contracts which it had with soccer's world governing body, a Swiss magistrate said on Wednesday. A four-year investigation into the ISL-ISMM group, once the world's biggest sports marketing company, resulted in charges of embezzlement, fraud and fraudulent bankruptcy for the unnamed defendants -- former managers of the company.
"The comprehensive investigations extended to five countries within and outside Europe," the examining magistrate for the canton (state) of Zug said in a statement on Wednesday, adding the sum in question ran to hundreds of million Swiss francs.
The defendants all plead not guilty to the charges, which have since been presented to the state prosecutor of the canton (state) of Zug, the statement added.
No date has been set for a possible trial.
The investigation into ISL, which handled World Cup marketing and television contracts, was sparked by a complaint filed by FIFA itself shortly after the marketing group collapsed with debts of at least $300 million in May 2001.
FIFA accused the management of not having forwarded monies generated by the licence contracts, the magistrate said, adding FIFA suspected that the money had been used by ISL to meet its financial commitments.
However, FIFA decided in June last year that it was no longer interested in pursuing a criminal investigation, the magistrate said.
---------------------------------------------------------------------
They (FIFA) MAY have decided last year that is was no longer interested in pursuing a criminal investigation because the trail for the money MAY lead back to FIFA itself, at the highest level. Keep an eye out for a piece on Thursday in the (admittedly racist, but with a substantial budget on the sports desk) Daily Mail that begins to tie this together, and books in the run-up to World Cup 2006 (including mine, disclosure... 
) that demonstrate the commonality of these ties...
Keep an eye out for more, here...
posted by Mel Brennan at
5:18 PM
|
0 comments
>