The International Boxing Association (AIBA) made the decision hastily after the Boxing Federation of India (BFI) withdrew hosting rights for the 2021 Men’s World Championship.
AIBA issued a statement on Monday night saying that the championship will now be held in Belgrade, the capital of Serbia instead of India, due to the non-payment of hosting fees. India was handed over the hosting in 2017.
The Indian Boxing Federation admitted that there was a delay but said that due to AIBA’s failure to resolve the issue of which account to send the money to, this procedural complication arose.
This payment of nearly $ 4 million was to be made on December 2 last year. This tournament was to be held for the first time in India.
AIBA said in a statement, “India could not pay the hosting fee under the host city contract rules, which caused AIBA to break the agreement.”
India will now have to pay a fine of $ 500 due to the cancellation of the agreement. “AIBA has been suspended by the International Olympic Committee due to financial mismanagement.
The Indian Boxing Federation said in a statement, “AIBA’s accounts have been closed in Lausanne. He had to make some previous payments through an account in Serbia.
If Serbia falls in the blacklist of the Financial Action Task Force (FATF countries), Indian banks usually do not spend money there. AIBA could not resolve this issue. ”
It said, “This decision has been taken in haste without consulting us.” We are shocked at the fine imposed. Together we will find a solution.
Hopefully to host it in the future. ”AIBA interim president Mohammad Mustahasen said,“ Serbia is capable of organizing the best for players, coaches, officials, and fans in every way ”.