FIDE Finances

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  • #16
    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
    Last edited by Wayne Komer; Tuesday, 22nd May, 2018, 04:44 PM.

    Comment


    • #17
      Re: FIDE finances

      Nigel Short is not doing his candidacy any favours complaining about this. The bank closes the account and you take your money elsewhere. FIDE has been fairly transparent in this and keeping the member federations informed of their actions.
      Last edited by Vlad Drkulec; Wednesday, 23rd May, 2018, 08:12 AM.

      Comment


      • #18
        Re: FIDE Finances

        Originally posted by Wayne Komer View Post
        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
        Thanks for taking the time to edit the title of your post. But it looks like you were two minutes too late.

        Steve

        Comment


        • #19
          Re: FIDE Finances

          I found strange that a such big organization have no legal way to kick its president out other than regular elections.

          Comment


          • #20
            Re: FIDE Finances

            Originally posted by Egidijus Zeromskis View Post
            I found strange that a such big organization have no legal way to kick its president out other than regular elections.
            FIDE may be a "global" organization but I am not sure it is "big" ... seems that there are not a lot of employees and the 'management' org chart seems to be obscure :)

            Comment


            • #21
              hedge your bet in this one

              Originally posted by Vlad Drkulec View Post
              Nigel Short is not doing his candidacy any favours complaining about this. The bank closes the account and you take your money elsewhere. FIDE has been fairly transparent in this and keeping the member federations informed of their actions.
              This is why I initially argued that GM Short was the attack dog ("bad cop") and Macro was the "bon cop". This is a US story after all and they suffer from an interminable lack of imagination. The United States of Stupid and all that. However, Macropoulos made a statement, on GM Spraggett's site, that Short's candidacy would help Kirsan.

              Who you gonna believe? As you said elsewhere, it's going to be a hot summer....
              Dogs will bark, but the caravan of chess moves on.

              Comment


              • #22
                Re: hedge your bet in this one

                Originally posted by Nigel Hanrahan View Post
                However, Macropoulos made a statement, on GM Spraggett's site, that Short's candidacy would help Kirsan.
                The best place to make solid statements LOL

                Comment


                • #23
                  Re: hedge your bet in this one

                  Originally posted by Nigel Hanrahan View Post
                  This is why I initially argued that GM Short was the attack dog ("bad cop") and Macro was the "bon cop". This is a US story after all and they suffer from an interminable lack of imagination. The United States of Stupid and all that. However, Macropoulos made a statement, on GM Spraggett's site, that Short's candidacy would help Kirsan.

                  Who you gonna believe? As you said elsewhere, it's going to be a hot summer....
                  Maybe not so hot.

                  Mr. Short probably does not help or hurt either candidate. He may eat into Kirsan's support on the African continent as he has been very active there but that is unclear. The CFC has been contacted by one candidate directly, by another indirectly as mentioned on the CFC forums and not by the third.
                  Last edited by Vlad Drkulec; Thursday, 24th May, 2018, 10:15 AM.

                  Comment


                  • #24
                    FIDE's Finances

                    FIDE Finances

                    May 24, 2018

                    I am really lost as to what Nigel wants after this tweet this morning. So is the Treasurer.

                    “To Treasurer, Adrian Siegel. 1) When exactly did the Presidential Board approve of the transfer of @FIDE_chess funds after @UBS bank closure? 2) Was the entire PB informed, including independents like @MagnusCarlsen & political opponents like Ncube? 3) If not, why not?”


                    FIDE Letterhead

                    Zug, May 24, 2018

                    To: All National Chess Federations, members of FIDE

                    Dear chess friends

                    Although detailed information was published, Mr. Short still continues to question the handling of FIDE’s money. Now he wonders whether the current World Champion, Magnus Carlsen, and the President of the African Chess Federation, Lewis Ncube, have also received the Board Resolution regarding the approval of the new accounts.

                    Of course, I am very surprised by Mr. Short’s questions which reflect once again a complete lack of knowledge. These false allegations are also a striking example how people use tweets without first getting any background information. This notorious search for a putative mistake has the smack of querulent behavior.

                    I can assure the really interested chess friends that all members of the Presidential Board have been asked to approve the use of our new accounts. Only Kirsan Ilyumzhinov was not asked for approval since he is no longer involved in any decision regarding FIDE.

                    Now, with all due respect, I take the liberty to bring this silly game to an end. Neither one question from Mr. Short has brought up a serious issue nor does it belong to the Treasurer’s duties to answer Mr. Short on a daily basis.

                    From now on I will not comment on any of these untenable accusations of a candidate who is only looking for a public platform. From a presidential candidate another attitude would be expected.

                    Sincerely yours

                    (signature)

                    Prof. Dr. Adrian M. Siegel
                    FIDE Treasurer

                    http://fide.com/component/content/ar...rs-letter.html
                    Last edited by Wayne Komer; Thursday, 24th May, 2018, 04:17 PM.

                    Comment

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