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FIDE Finances
FIDE Finances
May 22, 2018
Another day, another letter from the FIDE Treasurer. Nigel Short is again invited to drop into FIDE’s Athens office although he has been away at the Kolkata Tournament most of May.
FIDE letterhead
Zug, May 22, 2018
To: All National Chess Federations, members of FIDE
Dear chess friends,
In recent days, Nigel Short made several unjustifiable allegations concerning the transfer of FIDE’s money away from UBS. Since full transparency is in the interests of FIDE, this information is for all members and federations and is published openly.
But firstly, I would like to put on the record my disappointment with Nigel Short’s very public and insulting behaviour towards me, mentioning possible illegal and unconstitutional actions. As Treasurer, my major concern and my priority is dealing with the problems caused by Kirsan Ilyumzhinov’s continuing refusal to act in FIDE’s best interests and stand down as President.
It is unfair to accuse the current FIDE administration of causing the financial problems as it is plain to see they are the direct result of the sanctioning of Kirsan Ilyumzhinov.
Nigel Short questioned whether the transfer of FIDE’s money was approved by the Presidential Board or the Executive Board. Even the question betrays a complete lack of understanding of the situation. As soon as the funds were unfrozen, we took action to transfer them the same day to avoid the real risk of the funds being frozen again.
I can assure all members of FIDE that I asked for approval by the Presidential Board to engage the financial institutions that hold our funds. Without that approval I would not have done so. For the record, the Presidential Board gave its approval without any opposing votes.
Due diligence of the receiving financial institution was conducted by our lawyers here in Switzerland. Instead of repeating baseless accusations, it would be interesting to hear a practicable alternative Nigel Short could come up within one week to safeguard our funds. The transfer of Fide’s money was clearly in line with FIDE’s statues and our financial regulations of which the presidential candidate Nigel Short seems to be unaware.
Nigel Short has demanded that the Athens office sends the scanned contracts with the trust companies we have engaged to him by email so that he can ‘examine’ them. I am not in the habit of sending important contracts by email ‘on demand’, even to a candidate for President. It presents too great a security risk and sets a very bad precedent.
However, again in the spirit of total transparency, and according Nigel Short the respect he has sadly not given me, I invite Nigel Short to make an appointment with the FIDE office in Athens (his home city) to read the contracts in person and satisfy himself that the funds are safe and with a reputable institution.
Finally, I hope that Nigel Short’s outbursts do not set the tone for a ‘dirty’ campaign – throwing mud at every opportunity. I remind Nigel Short and member nations that despite the problems, the FIDE finances are in much better shape since Kirsan Ilyumzhinov was stripped of executive authority.
Sincerely yours,
(signature)
Prof. Dr. Adrian M. Siegel
FIDE Treasurer
FIDE Finances
May 22, 2018
Another day, another letter from the FIDE Treasurer. Nigel Short is again invited to drop into FIDE’s Athens office although he has been away at the Kolkata Tournament most of May.
FIDE letterhead
Zug, May 22, 2018
To: All National Chess Federations, members of FIDE
Dear chess friends,
In recent days, Nigel Short made several unjustifiable allegations concerning the transfer of FIDE’s money away from UBS. Since full transparency is in the interests of FIDE, this information is for all members and federations and is published openly.
But firstly, I would like to put on the record my disappointment with Nigel Short’s very public and insulting behaviour towards me, mentioning possible illegal and unconstitutional actions. As Treasurer, my major concern and my priority is dealing with the problems caused by Kirsan Ilyumzhinov’s continuing refusal to act in FIDE’s best interests and stand down as President.
It is unfair to accuse the current FIDE administration of causing the financial problems as it is plain to see they are the direct result of the sanctioning of Kirsan Ilyumzhinov.
Nigel Short questioned whether the transfer of FIDE’s money was approved by the Presidential Board or the Executive Board. Even the question betrays a complete lack of understanding of the situation. As soon as the funds were unfrozen, we took action to transfer them the same day to avoid the real risk of the funds being frozen again.
I can assure all members of FIDE that I asked for approval by the Presidential Board to engage the financial institutions that hold our funds. Without that approval I would not have done so. For the record, the Presidential Board gave its approval without any opposing votes.
Due diligence of the receiving financial institution was conducted by our lawyers here in Switzerland. Instead of repeating baseless accusations, it would be interesting to hear a practicable alternative Nigel Short could come up within one week to safeguard our funds. The transfer of Fide’s money was clearly in line with FIDE’s statues and our financial regulations of which the presidential candidate Nigel Short seems to be unaware.
Nigel Short has demanded that the Athens office sends the scanned contracts with the trust companies we have engaged to him by email so that he can ‘examine’ them. I am not in the habit of sending important contracts by email ‘on demand’, even to a candidate for President. It presents too great a security risk and sets a very bad precedent.
However, again in the spirit of total transparency, and according Nigel Short the respect he has sadly not given me, I invite Nigel Short to make an appointment with the FIDE office in Athens (his home city) to read the contracts in person and satisfy himself that the funds are safe and with a reputable institution.
Finally, I hope that Nigel Short’s outbursts do not set the tone for a ‘dirty’ campaign – throwing mud at every opportunity. I remind Nigel Short and member nations that despite the problems, the FIDE finances are in much better shape since Kirsan Ilyumzhinov was stripped of executive authority.
Sincerely yours,
(signature)
Prof. Dr. Adrian M. Siegel
FIDE Treasurer
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