(CNS): Director Rankin BercowerAn audit of the Cayman Islands Football Association has been conducted.As Canover Watson and Bruce Blake’s trials on fraud and money laundering charges enter their third week, the royal family will focus on financing CIFA, which it sponsors. Prosecutors allege these were part of a plan to cover up money Watson and Blake had stolen from CONCACAF, a regional football organization.
The crown also suggests that these “fake loans” are also tied to the fate of Watson and Blake’s best friend, Jeff Webb. The actual loan they had was an obstacle to Webb’s promotion from CIFA president to CONCACAF president and FIFA vice president. The loan was secured by his CIFA land. But besides making Webb look bad, it also hurt CIFA’s chances of getting his FIFA grant against the Center of Excellence.
Emails between bank executives shown to jurors indicated that future changes to FIFA rules would not allow regional associations to receive grants for grassroots development projects if the assets involved were hampered by banks. revealed that he was aware of
“Given Jeff’s position, the security we hold for the CIFA facility is actually part of the GOAL project, so Jeff needs to get out of a tricky situation to avoid criticism.” , one bank official wrote to another senior executive. They also discussed the possibility of Webb becoming FIFA president to replace Sepp Blatter.
Shortly after this interaction within the bank, Watson, then an official with both CIFA and CONCACAF, told bank officials that the CIFA’s $1.6 million loan was due to be paid off by the end of 2013. Sporting goods manufacturer. The email communication also indicated that Watson had committed his two payments of $600,000 to the bank to reduce his CIFA loan balance and, most importantly, that the bank had made his CITA Center has promised to release the lien of
As promised, two payments of $600,000 were made to Fidelity from CIFA accounts prior to 2013, resulting in the bank relinquishing control over football headquarters and prospect land.
When Rankin Berkower’s Matthew Adam ran for office this week, two unsecured loans of $600,000 each from Panama-based Cartan International and Forward Sports appeared in the association’s 2014 accounts. He said in court: This gave him cause for concern. He said the loan deal was unusual because it was not signed by anyone other than CIFA and both companies lending the money were based at the same address in Panama. .
When he questioned the loans, he was told both had been converted into sponsorship deals with no outstanding liability to CIFA. However, Adam said a written confirmation from the lender or a letter of forgiveness sent directly to the audit firm is required to complete the audit. He explained that auditors need documentation directly from the lender confirming the change in circumstances.
Giving the main evidence, he said in court that instead he received a letter from Blake, allegedly written by Cartan International representative David Elmore, that CIFA had no money and was not responsible for the loan. Adam was unaware that these companies were both paper companies that Crown claimed were created by Watson and owned in secret.
Adam tried to call Elmore at the Panama number on the letter, but was unable to reach him, so instead he contacted Cartan, Inc., based in the United States. I have learned that I am not affiliated with the Cartan Sports Tour Operator based in any way. He learned that although he had a long-term sponsorship deal with CIFA, he did not have a loan deal. He also learned that Elmore did not sign the letter the auditor had inquired about.
When Forward Sports didn’t hear back, Adam said he was able to get Shakeel Khawaja’s contact details from CIFA. When he emailed Kawaja asking for a letter of forgiveness for the loan, he said Forward Sports distributors knew nothing about loans or sponsorship deals between CIFA and Forward Sports companies. I have received your e-mail.
Given the concerns and discrepancies related to the loan, Adam not only arranged a meeting with Blake, but also alerted the Anti-Corruption Commission. attended. He showed the man email communications he had received from both Elmore and Kawaja. This contradicts claims Blake made in his role as CIFA General Secretary at the time, which he reported to the ACC.
Adam told him that Blake seemed very nervous and worried about the correspondence shown to him, but that Watson was calm and had all the documents to explain everything. rice field.
Watson then met with Philip Rankin, partner of Rankin Bercower, and showed him a series of documents. He claimed to have described various relationships and due diligence for his two companies that financed CIFA, which turned into a sponsorship deal. In complex composition, Watson also showed Rankin various documents. These documents show that at least one of the loans that he converted into sponsorship was from money that came to Watson for Cartan’s unexplained work, which he paid to CIFA, not Watson. It seemed to show
Case continues.
