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Post by guest on Nov 9, 2021 16:11:01 GMT
BANKRUPT
Normalisation committee seeking to declare TTFA insolvent
Ian Prescott Nov 8, 2021 Updated 4 hrs ago Comments Robert Hadad (copy) SOUGHT PROTECTION UNDER BANKRUPTCY ACT: Robert Hadad, TTFA normalisation committee chairman. The FIFA-appointed normalisation committee (NC) of the Trinidad and Tobago Football Association (TTFA) has taken a drastic step to address the TTFA’s long-term debt. Yesterday, the NC announced a decision to pursue insolvency, via a media release from TTFA general secretary Amiel Mohammed. “The NC today (Monday November 8, 2021) notified the Supervisor of Insolvency of its intent to make a Proposal under the Bankruptcy and Insolvency Act of Trinidad and Tobago which will enable a structured approach to the restructuring of the TTFA and the preparation of a fair, transparent and acceptable payment proposal to address the TTFA’s debt.” Shocked at the turn of events, in an immediate reaction, Veterans Football Foundation of Trinidad and Tobago (VFFTT) president Selby Browne felt that normalisation committee Robert Hadad had betrayed a position he took at the TTFA Extraordinary General Meeting (EGM) on October 10. “I am not aware that any such power has been invested in the normalisation committee. Any such decision must come from the membership of the TTFA. The first responsibility therefore, is not to issue a press release to the media, but to issue a press release to its membership and call a meeting,” Browne contended. He added: “If you receive such a report from an accountant, you have no such authority to appoint a trustee without consulting with your membership.” In taking its position, the normalisation committee, appointed by FIFA on March 17, 2020, to manage the Association’s affairs, cited a report by auditors Ernst & Young report, dated April 09, 2021, which put the TTFA’s total outstanding liabilities and unasserted claims (contingent liabilities) at approximately $98.5 million. Commenting on the decision to seek protection under the Bankruptcy and Insolvency Act, NC chairman Robert Hadad said: “The TTFA is currently hamstrung with debt, and we can’t allow past mismanagement and poor governance to cripple the future of football or indeed its daily operations.” He added: “This option, under the supervision of the Supervisor of Insolvency, the Trustee and the courts, ensures transparency, equity and independence in the process while, at the same time, ensuring that our current subventions are used for the day-to-day running of the TTFA and its present and future needs.” “The intent is to rehabilitate as opposed to dissolve the TTFA with a view to preserving continuity and the development of football in Trinidad and Tobago for future generations,” he explained. The NC has appointed Maria Daniel, a Licensed Trustee, to manage the debt proposal process, which will be guided by the rules of the Bankruptcy and Insolvency Act, Chapter 9:70. The process will include meetings with and the submission of claims (and supporting documents) by all creditors; a review and verification of the claims; and the development of a proposal to deal with the valid outstanding liabilities. The TTFA stated once the proposal has been developed and approved by the creditors, it will be sanctioned by the Courts and the NC will proceed to implement the proposal in accordance with its terms. During the development of the proposal and its implementation, the NC’s day-to-day management of the TTFA will be unaffected. “This process (insolvency) as it was designed, will allow the TTFA to manage its operations and provide a stay from all legal proceedings and creditor actions for a period of up to six months, thereby securing the TTFA’s assets while the management and NC work under the oversight of the independent Trustee to develop and present a proposal to address the TTFA’s debt to all creditors,” the TTFA release stated.
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Post by guest on Dec 27, 2021 16:31:52 GMT
FIFA extends Normalisation Committee control of TTFA until 2023 www.guardian.co.tt/sports/fifa-extends-normalisation-committee-control-of-ttfa-until-2023-6.2.1431603.45fce4098bFIFA has extended the control of the T&T Football Federation by the Robert Hadad-led Normalisation Committee until March 31, 2023. On March 17, 2020, Fifa announced that T&T was Normalised and on March 27 Fifa appointed Hadad, the co-Chief Executive Officer of HadCo Limited as chairman of the Normalisation Committee to manage the affairs of the T&TFA along with attorney Judy Daniels, the vice-chairman and Boardroom executive Nigel Romano as an ordinary member. In March this year Fifa appointed Trevor Nicholas Gomez of Massy Finance and Republic Bank director to the committee. In a letter from FIFA's general secretary Fatma Samoura sent to Hadad on December 21, 2021, under the headline: Situation of the Trinidad and Tobago Football Association FIFA said: We are writing to inform you that the situation of the Trinidad and Tobago Football Association (hereinafter: TTFA) has been brought to the attention of the Bureau of the FIFA Council (hereinafter: the Bureau). The Bureau was reminded that in accordance with article 8 paragraph 2 of the FIFA Statutes, a normalisation committee was appointed for the TTFA, whose tasks are to run the TTFA’s daily affairs, to establish a debt repayment plan that is implementable by the TTFA administration, to review and amend the TTFA Statutes (and other regulations where necessary), and ensure their compliance with the FIFA Statutes and requirements before duly submitting them for approval to the TTFA Congress, and to organise and conduct elections of a new TTFA Executive Committee for a four-year mandate. In addition, the Bureau was reminded that, in September 2020, in accordance with article 16 paragraph 1 of the FIFA Statutes, the TTFA was suspended with immediate effect due to the fact that members of the former Board of Directors of the T&TFA had appealed the above-mentioned decision of the Bureau before the High Court of Trinidad and Tobago. Following the actions of FIFA, the then TTFA led by president William Wallace, together with vice-presidents Clynt Taylor, Joseph Sam Phillip and Susan Joseph-Warrick, who were elected in November 2019, launched a challenge at the Court of Arbitration for Sport (CAS) in March and then to the High Courts in T&T. That decision led FIFA to suspend the TTFA on T&T's Republic Day (September 24). However, on November 19, after 57 days, according to Article 13 of the FIFA Statutes, which meant that T&T had its membership status reinstated. FIFA stated in November 2020, FIFA that it was informed that all claims against it before the ordinary courts of Trinidad and Tobago had been closed. Consequently, the suspension of the T&TFA was lifted with immediate effect. The Bureau took note that the actions taken by members of the former Board of Directors of the TTFA greatly hindered and significantly impacted the work and mandate of the normalisation committee, as it had to devote considerable effort to counter such actions. In addition, that the tasks assigned to the normalisation committee were subsequently delayed due to the COVID-19 pandemic and sanitary restrictions imposed by the government of Trinidad and Tobago. The Bureau also took note that there were certain issues that led to the backlog in the normal operations of the TTFA, including finance. This contributed to the inability to appoint an independent auditor, which in turn meant that no audited financial statements could be prepared (and thus presented); the inability to make payments directly to the TTFA’s bank account due to a high risk of garnishment, thereby restricting the TTFA from making immediate payments when necessary and having more freedom with regard to the use of the funds, and the budget cuts imposed due to the multiple claims and payment demands from creditors. Finally, the Bureau acknowledged that in November 2021, due to the current total debts of the TTFA, the normalisation committee notified the Office of the Supervisory of Insolvency of its intention to make a proposal under the Bankruptcy and Insolvency Act of Trinidad and Tobago (hereinafter: the Act). The normalisation committee together with a Licensed Trustee under the Act will therefore manage the debt proposal process. Under the above-described circumstances and considering all the urgent and complex challenges the TTFA is still facing, the Bureau decided on 17 December 2021 to extend the mandate of the normalisation committee until 31 March 2023 at the latest. We thank you for taking note of the above and remain at your disposal in case of queries.
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Post by Admin on Feb 14, 2022 7:46:15 GMT
Normalisation committee granted one-year extension by FIFAJONATHAN RAMNANANSINGH FRIDAY 24 DECEMBER 2021 TTFA normalisation committee chairman Robert Hadad - THE FIFA-appointed normalisation committee has been granted a one-year extension by FIFA to complete its mandate. The Robert Hadad-led administration now remains at the helm of Trinidad and Tobago football until March 31, 2023. This was confirmed by the governing body’s general secretary Fatma Samoura on Friday. Initially, the normalisation committee’s tenure was scheduled to end on March 26, 2022. But, owing to an array of legal drawbacks stemming from the TTFA board of directors’ disagreement with the committee’s appointment in 2020, partnered with pandemic challenges, FIFA has opted to extend the committee’s reign for an additional year to assist them in achieving their core objectives. The FIFA statement read, “The Bureau (of the FIFA council) took note that the actions taken by members of the former board of directors of the TTFA (TT Football Association) greatly hindered and significantly impacted the work and mandate of the normalisation committee, as it had to devote considerable effort to countering such actions. “In addition, that the tasks assigned to the normalisation committee were subsequently delayed due to the covid19 pandemic and sanitary restrictions imposed by the government of TT. The Bureau also took note that there were certain issues that led to the backlog in the normal operations of the TTFA, including finance. “This contributed to the inability to appoint an independent auditor, which in turn meant that no audited financial statements could be prepared (and thus presented); the inability to make payments directly to the TTFA’s bank account due to a high risk of garnishment, thereby restricting the TTFA from making immediate payments when necessary and having more freedom with regard to the use of the funds; and the budget cuts imposed due to the multiple claims and payment demands from creditors.” The Bureau also acknowledged that in November, due to the current total debts of the TTFA, the normalisation committee notified the office of the Supervisory of Insolvency of its intention to make a proposal under the Bankruptcy and Insolvency Act of TT. They then partnered with a licensed trustee under the Act to manage the debt proposal process. “Under the above-described circumstances and considering all the urgent and complex challenges the TTFA is still facing, the Bureau decided on December 17 to extend the mandate of the normalisation committee until 31 March 2023 at the latest.” In March 2020, the normalisation committee, comprising Hadad, Nigel Romano, Judy Daniel and Nicholas Gomez, was appointed by FIFA after the William Wallace-led executive was removed by the governing body owing to mounting debt and mismanagement. The normalisation committee was then given a mandate to run the TTFA’s daily affairs, to establish a debt repayment plan that is implementable by the TTFA administration, to review and amend the TTFA Statutes (and other regulations where necessary), and ensure their compliance with the FIFA Statutes and requirements before duly submitting them for approval to the TTFA Congress, and to organise and conduct elections of a new TTFA executive committee for a four-year mandate.
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Post by Admin on Feb 14, 2022 8:08:29 GMT
Aegis accepted as TTFA auditors, membership fees waived
Selby Browne - representative for the Veteran Football Foundation www.guardian.co.tt/sports/aegis-accepted-as-ttfa-auditors-membership-fees-waived-6.2.1452400.1a9a1f7f9bAegis Business Solutions, a premier outsourcing & advisory services provider in the Caribbean was on Monday accepted as the new auditing firm for the T&T Football Association. The approval by the association's general membership at a virtual Extraordinary General Meeting (EGM) is being seen as a move forward in the sport. The endorsement means that the firm will do the football association's Financial Statements for 2020 to 2021, and 2021 to 2022. The new auditors replace incumbent Madan Ramnarine and Company which resigned on December 31, 2021amidst a proposal by the FIFA-appointed Normalisation Committee last year for Grant Thornton Orbit Solutions (GTO) to take over as the external auditors for the financial statements for 2020 and 2021. The latter who resides at Queen's Park West, Port-of-Spain, later pulled out following the resignation of Madan Ramnarine and Company. However, on Monday, 26 of the 28 eligible members voted in favour of having Aegis as the new auditors, while two members abstained. Selby Browne, president of the Veteran Football Foundation of T&T told Guardian Media Sports on Tuesday that the acceptance of the Aegis is critical to the clearance of the debt that's currently crippling local football. This debt, the normalisation committee has put as a whopping $98.5 million. Browne who made several recommendations through the VFF to fix the problems affecting the sport, further explained that there will be a waiver of fees for members when play resumes. "The other item that came up was the question of the compliance status and the recommendation to the committee was that the fees that are now due, that are payable by the membership, be adhered to and a recommendation was made for a $2000 annual fee for the new Coaches Union that has been admitted. I moved a motion that the fees be honoured and paid by the membership and that the 2000 fee be accepted, that motion was seconded, it went to a vote and did not find favour with the meeting," Browne explained. He added: "There was a motion by Osmund Downer, a former FIFA referee, to have the membership fees waived for the period 2020-2021 and 2021-2022 until play had been reinstated post-COVID-19 and that was seconded and found favour with the membership." That decision did not resonate nicely with Browne who believes the decision to waive the fees was counter-productive and reminiscent of the reasons the football association has found itself in the position it has, saying: " It is very significant from my own perspective that members, yes we can appreciate the fact that during the downtime, there was no activity and no club registration in the case of associations or zones and no membership registration in the case of clubs which would affect your finances, but one would expect that members of the tTTFA to be able to withstand or even seek an adjustment as was recommended by the south zone, to adhere to the payment only but after we restart the football. You see it leads to the business of the TTFA being continued and conducted and the membership playing their roles and taking seriously the importance of their role in this matter at the highest forum of the TTFA. Unfortunately, it was clearly evident that this matter goes back to the several decades that caused the TTFA to be in this position that it finds itself in financially." The outspoken football administrator was however high in praise for Acting general secretary Amiel Mohammed who he said was an advocate of communication in the TTFA which he has always called for. It was Mohammed who led clear communication among the membership for the appointment of the new auditor, Browne said. He called for this communication to be continued on other issues such as the selection and appointment of staff and personnel by the normalisation committee. Tagged in:
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Post by IsacBom on Feb 25, 2022 14:14:29 GMT
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Post by Admin on Sept 20, 2022 14:52:28 GMT
Edwards to members: Don’t sign audited TTFA statements
Keiron Edwards of the Ascention Football Tournament. Keiron Edwards, president of the Eastern Football Association (EFA) is advising the local football membership not to put their stamp of approval on the T&T Football Association’s Audited Financial Statement when it comes up for approval at tomorrow’s Annual General Meeting (AGM) at the Home of Football (HoF) from 8.30 am. Edwards, in a letter, addressed to the head of the Normalisation Committee Robert Hadad on Saturday (September 17), titled Re: Concerns regarding the Audited Financial Statement for the years ended 31st December 2020 and 31st December 2021’, outlined five main reasons for his concerns, namely Erroneous Reporting; Unauthorised Removal of Fixed Assets from the Association; Presentation of Financial Statement in an environment of bankruptcy and insolvency proceedings; Neglected Disclosure Notes to the Financial Statements; and Increased Debt under the Normalization Committee, which all stemmed from the audited report of the TTFA auditor AEGIS Building Solutions. The eastern football association boss is calling on the TTFA to deal with the concerns first before the audited statement can be sent out to the membership for approval. Under the headline of Erroneous reporting, Edwards said: “According to the Auditor’s Report, AEGIS Building Solutions stated, “We were unable to determine whether any adjustments might have been found necessary in respect of recorded and unrecorded plant and equipment.” This was because assets were not tagged and there was no proper record keeping of the fixed asset register, which did not include proper descriptions of assets.” According to Edwards, this means that the figure stated for fixed assets on the Statement of Financial Position of the Audited Financial Statements was incorrect. He later questioned- then how did the balance sheet balance? as it further suggests that there is a corresponding error on the credit side of the financial statements referred to as a compensating error. “It further suggests that there may be more erroneous and unrealistic figures on the statement of comprehensive income and the statement of cash flow as well,” Edwards noted. “These financial statements, with the errors noted by the auditor, brings into question the integrity of the Audited Financial Statements for both years and it is not advisable for the members to sign them. The financial statements are now overshadowed by doubt regarding their accuracy, understandability and usefulness and must be corrected before it is presented to the members.” Edwards also expressed particular concern with the area of unauthorised removal of fixed assets from the association, saying, “It appears that some fixed assets were removed from the Association without authorization. As such, the figures on the Balance Sheet may be inflated. It is therefore likely that there has been a material amount of theft or fraud regarding the Fixed Assets in the TTFA. In fact, the auditors stated that they were unable to verify assets because some Assets were taken off-site and not returned to the Association.” Edwards’ letter to Hadad on Saturday was accompanied by nine questions seeking responses for if fixed assets were untagged, how then can the determination for Note 3 in the notes to the Financial Statements and the charge for depreciation be deemed; What measures have you put in place to ensure proper record keeping; to how can fixed assets be removed from the premises without proper record keeping, among many others. Edwards also pointed to the area of Neglected Disclosure Notes to the Financial Statements, saying- “ International Financial Reporting Standards (IFRS), requires that financial statements must be accompanied by disclosure notes, which assist users of the financial statements in understanding the financial position of the entity. However, the following notes were not disclosed in the Association’s Audited Financial Statements for the years ended 31st December 2020 and 31st December 2021. These notes, he said, were missing for Inventory under the summary of significant accounting; for office equipment and computer; the impairment of fixed assets; and for employee benefits, as it relates to vacation and pension, among many others. Edwards made it clear to Hadad and his members that as the manager of the association that they are responsible for safeguarding the fixed assets of the association. “You are required to be accountable for the funding given to you by FIFA and the Government of T&T which you have failed to do. This illustrates that you continue to manage the affairs of the association in a manner that is not financially prudent and responsible,” Edwards said. Edwards said he has not yet received a response from the normalisation committee and yesterday Guardian Media Sports also requested a comment from Hadad on the concerns expressed by Edwards but got no response. Tagged in:
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Post by Admin on Sept 30, 2022 15:09:37 GMT
Judge signs off on TTFA's debt repayment proposal
JADA LOUTOO 2 DAYS AGO Maria Daniel TRINIDAD and Tobago’s Football Association’s (TTFA) repayment proposal has been signed off by the High Court judge who was approached by the local football body for protection under bankruptcy and insolvency law. On November 8, 2021, the TTFA filed for protection under the Bankruptcy and Insolvency Act as it faced a crippling debt crisis. On Wednesday, at a brief hearing, Justice Devindra Rampersad approved the repayment proposal filed by Maria Daniel, the trustee acting on behalf of the TTFA’s FIFA-appointed normalisation committee. He was also told the six objectors to the application, chief among them former FIFA vice-president Jack Warner, were withdrawing their challenge. Attorney Rekha Ramjit, who represents the six, said the decision to withdraw the objection was made “after careful consideration.” She said Warner, a former Concacaf president, expected any protracted litigation could have negative and damaging effects on football in TT and its presence in the 2026 World Cup. She said there were other legal options open to her clients and those are being pursued. However, she said it was felt the withdrawal of the objection would be in the best interest of football. Earlier this year, the TTFA presented its proposal to the court for approval to liquidate the body’s massive debt. In a statement, the body said it had “notified the Supervisor of Insolvency of its intent to make a proposal under the Bankruptcy and Insolvency Act of TT which will enable a structured approach to the restructuring of the TTFA and the preparation of a fair, transparent and acceptable payment proposal to address the TTFA’s debt.” In May, the TTFA announced that creditors voted unanimously in favour of the debt repayment proposal which would see them receiving anywhere from 63 cents on the dollar to 100 per cent of the money owed to them. Creditors were invited to vote after a comprehensive 45-minute presentation by Daniel that gave a full illustration of how the TTFA found itself in its current state of debt and the options that were considered before arriving at utilising the restructuring option available through the Bankruptcy Act option, the TTFA said. It said the proposal is expected to be funded by an interest-free US$3.5 million instrument that the TTFA will have ten years to repay. Creditors owed up to TT$200,000 will be paid in full and the balances above that will be pro-rated. They will also have the option to be paid in US or TT dollars. According to the TTFA, there were 299 creditors listed in the trustee’s repayment proposal with a total unsecured debt of TT$84.5 million. Ninety-three of these submitted claims amounting to $59.3 million of which 88 were validated with a value of $34.4 million. Warner is the TTFA’s largest creditor with a debt of $22.7 million. Also appealing against the trustee’s decision to invalidate a portion of their claims were former TT men's team coach Terry Fenwick and sports marketer Peter Miller. Daniel’s original proposal, which creditors received in April, was enhanced with an increase of US$500,000 to US$3.5 million, and instead of allocating a TT$3 million provision for the BIR and the NIB, funds would now be set aside for outstanding payments monthly, the TTFA said. Representing the trustee were attorneys Kerwyn Garcia and Chrishunda Baboolal.
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Post by Admin on Sept 30, 2022 15:33:31 GMT
SSFL president : Court ruling on TTFA debt repayment a wake-up call Secondary Schools Football League president Merere Gonzales - newsday.co.tt/2022/09/30/ssfl-president-court-ruling-on-ttfa-debt-repayment-a-wake-up-call/SECONDARY Schools Football League (SSFL) president Merere Gonzales believes the High Court’s decision to approve the TT Football Association’s (TTFA) repayment proposal is a progressive step, but should also serve as a “wake-up call” to the sport’s administrators and stakeholders. Gonzales, a TTFA executive member, expressed relief when, on Wednesday, Justice Devindra Rampersad signed off and approved the association’s repayment proposal filed by Maria Daniel, the trustee who acted on behalf of the TTFA normalisation committee. This decision will allow the TTFA to begin dispensing payments to its creditors, some of whom, have been owed for more than a decade. “I’m extremely gratified by the court’s ruling because it’s a step in the right direction since it’s in the best interest of TT football. Our football is at a stage where it needs further advancement, promotion, development and all that is necessary to become very progressive,” he said. Gonzales credited Daniel and the normalisation committee for helping the TTFA reach this critical juncture. He hopes this experience, which began in March 2020 when FIFA removed the then president (William Wallace) and his executive for shoddy financial management, serves as an eye-opener to administrators. “We can only benefit from a decision like this taking into consideration that very grave errors, financial improprieties and lack of accounting were made. If we don’t learn from our history then we are doomed. I don’t think we would want to return to such a point. “We have to ensure all TTFA stakeholders do what is necessary so their books and finances are in order, which will put us in good stead so, the annual FIFA subvention would be comfortably provided. We need to be transparent and accountable. It’s a massive wake-up call,” he added. Gonzales said that the TTFA, and all other local sporting bodies, need to understand the importance of proper financing, budgeting and utilising their assets in a very prudent way. This, he said, would aid the beneficiaries, mainly players, to achieve their goals and aspirations through the competent planning of administrators, inclusive of proper financial audited reports and statements. Normalisation committee chairman Robert Hadad shared similar sentiments. Commenting on the landmark approval, Hadad said, “I am grateful. We look forward to finally paying the debts that have crippled the Association for many years. “This is another milestone along the path to fully remediating football and we will continue to work on completing this process. I would like to thank the trustee and her legal team and the TTFA staff for their efforts in helping us to reach this significant milestone.” This comes after the TTFA notified the supervisor of insolvency, on November 8, 2021, of its intent to make a proposal under the Bankruptcy and Insolvency Act (2007) of TT, which would enable the restructuring of the TTFA using a fair, transparent and acceptable process to address the association’s long-standing debt. The process, which was managed by licensed independent trustee Daniel, allowed the TTFA to manage its operations and provide a stay from all legal proceedings and creditor actions for a period of up to six months. On May 5, 2022, Daniel met with creditors at the Home of Football, Couva, under the chairmanship of the supervisor of insolvency, where she outlined the process that she and her team undertook to validate creditor claims and work with the normalisation committee to develop the proposal. At this meeting, the proposal which would be funded via an interest-free US$3.5 million financial instrument, was approved unanimously by the creditors whereby validated creditors owed up to TT$200,000 will be paid in full and balances above that will be pro-rated. The trustee sought to have the proposal approved by the High Court on September 7. However, Justice Rampersad sought a short adjournment to consider filings/appeals made by former FIFA vice president Jack Warner, former TT men’s coach Terry Fenwick and sports marketer Peter Miller. At a hearing on Monday, attorneys Bronock Reid and Kiev Chesney, representing Fenwick and Miller respectively, agreed to the trustee’s proposal to have the invalidated portions of their claims set aside and placed in a trust, pending the final determination of their appeal hearings. The funds that will be set aside will be allocated from the US$3.5 million financial instrument. And, on Wednesday, at the substantive hearing before Justice Rampersad, Warner, through his attorney Rekha Ramjit, withdrew their matters and the proposal was approved. The trustee will now work with the normalisation committee and the proposal’s financiers to prepare the payments to the validated creditors under the guidelines of the Bankruptcy and Insolvency Act and the terms approved by the creditors. A TTFA statement on Wednesday night said the judge’s decision “granted a new lease on life” for the TTFA. In March 2020, the FIFA Council suspended the TTFA with immediate effect due to grave violations of the FIFA Statutes. The decision came after a FIFA/Concacaf fact-finding mission to TT to assess, together with an independent auditor, the financial situation of TTFA. This found extremely low overall financial management methods, combined with massive debt, have resulted in the TTFA facing a very real risk of insolvency and illiquidity. FIFA then appointed a normalisation committee, headed by Hadad, to run the TTFA'S daily affairs, establish an implementable debt repayment plan and to review and amend the TTFA Statutes (and other regulations where necessary) and to ensure their compliance with the FIFA Statutes and requirements.
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Post by Admin on Oct 6, 2022 15:48:00 GMT
FIFA satisfied with TTFA's audited financials guardian.co.tt/sports/fifa-satisfied-with-ttfas-audited-financials-6.2.1553893.f46163355bThree days before the T&T Football Association (TTFA) holds an Emergency General Meeting (EGM) to treat with issues highlighted by its members in its audited financial statement for 2020/2021, comes confirmation from the sport's world governing body - FIFA that it is satisfied with the statement. At an annual general meeting (AGM) on September 21 at the controversial Home of Football in Balmain, Couva, Keiron Edwards, president of the Eastern Football Association (EFA) received tremendous support in delaying the approval of the audited financials based on five main reasons, such as Erroneous Reporting; Unauthorised Removal of Fixed Assets from the Association; Presentation of Financial Statement in an environment of bankruptcy and insolvency proceedings; Neglected Disclosure Notes to the Financial Statements; and Increased Debt under the Normalisation Committee, which all stemmed from the audited report of the TTFA auditor AEGIS Solutions. In the report, AEGIS confirmed that they were unable to determine whether any adjustments might have been found necessary in respect of recorded and unrecorded plant and equipment. Edwards said because of this, figures quoted in the financial statement could not be validated and convinced members at the September 21 AGM to have the audited financials dealt with at an EGM 17 days after that meeting, which is carded for Saturday. However, a letter from FIFA's Head of Financial Governance & Oversight Services Christopher Suppiger on September 30 made it clear that failure to present audited financials by June 30 will result in the restriction of funding. "It is important to highlight that the FIFA Forward Regulations require all member associations to submit the audited financial statements irrespective of the opinion of the auditor. However, it is worth noting that even though the 2020 and 2021 financial statements had a qualified opinion, we consider the reason for qualifying the opinion immaterial and we are comfortable with the financial statements presented at the TTFA General Assembly held on September 21st, 2022." The letter also stated: "According to article 16 of the FIFA Forward Regulations, 'For each financial year, the FIFA general secretariat shall conduct a FIFA central audit review of all member associations and confederations that have received Forward 2.0 funds in the previous year'. Therefore, we would like to emphasize that the results of the recently concluded 2021 Central Review conducted by independent auditors appointed by FIFA, were positive and in line with the FIFA Forward Regulations, having the recommendations made jointly by FIFA and the auditors been fully implemented or currently under implementation since the appointment of the Normalisation Committee of the T&T Football Association (TTFA). "We would like to make reference to Article 14 of the FIFA Forward Regulations, which states that all member associations must submit annually their audited financial statements and the signed minutes of the member association’s congress or general assembly where these are presented and approved by June 30th. Failing to do so will result in the restriction of funding." Yesterday, Edwards refused to comment on the letter, saying he did not have the document from FIFA before him and would respond accordingly. Coincidentally, Head of Sport Development at the Sports Company of T&T Justin Latapy-George, in a letter dated September 30, responded to an inquiry by TTFA general secretary Amiel Mohammed about its audited report. According to Latapy-George: "Further to your inquiry re the bolded and underlined subject above, this correspondence is to confirm that the Board of Directors of the Sports Company of T&T Ltd (SPORTT) remains committed to assisting national governing bodies (NGBs) for sport with the production of audited financial reports. "This assistance is on the condition that the audited financial reports are produced by an entity/individual that is currently a member of the Institute of Chartered Accountants of T&T (ICATT) and the International Financial Reporting Standards (IFRS) for small-to-medium enterprises (SMEs) is used to produce this report. "Audited financial reports generated consistent with the above criteria will be accepted by SPORTT and recognised as fulfilling the compliance requirement for the submission of such reports." AEGIS coincidentally also submitted a four-page document on September 30 to confirm that the audited financial statement presented on September 21, was done according to international standards. Tagged in: Sponsored Content 25 Superb Gadgets! Today's Tech Zone
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Post by Admin on Oct 6, 2022 15:49:17 GMT
When has FIFA ever been dissatisfied with the TTFA's finances.
Why not pass your books on to the MOS.
Big loud FAWWKKING "STEUUUPPPPSSSS!!!!"
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Post by Admin on Oct 27, 2022 12:30:57 GMT
Warner 'not interested' in Netflix series on FIFA corruption
NARISSA FRASER 14 HRS AGO Jack Warner - newsday.co.tt/2022/10/26/warner-not-interested-in-netflix-series-on-fifa-corruption/On November 9, Netflix will release a docuseries titled FIFA Uncovered which, it said, "traces the organisation's legacy, exploring the pageantry, power struggles and politics of hosting the World Cup." But former FIFA vice president Jack Warner said this "doesn't interest" him. On Tuesday, Netflix posted a one-minute-36-second-long trailer for the series on its social media pages. It captioned the video, "For decades, FIFA united the globe through football. But behind the game, craftier schemes were at play." The trailer included brief, old clips of Warner – who was charged with corruption in FIFA – and also an interview with former TT goalkeeper, now ESPN sports analyst Shaka Hislop. In one clip, Warner said: "FIFA will feel a tsunami coming. Trust me, you haven't seen it yet." In another, he said, "Our business is our business." A clip from Hislop's interview shows him saying, "The impacts (of corruption in FIFA) go to every corner of the planet." Warner was accused of racketeering, wire fraud, money laundering, and bribery. He also allegedly accepted millions of dollars in bribes to ensure South Africa became World Cup hosts in 2010. Contacted on Wednesday and asked if he knew about the docuseries, Warner told Newsday: "I'm not aware of it and I don't want to be aware of it. "It doesn't really interest me." The docuseries will be released just 11 days before the 2022 World Cup in Qatar.
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Post by Admin on Nov 19, 2022 15:11:23 GMT
WARNER IN A CORNER: Privy Council makes way for Jack’s US extradition
JADA LOUTOO YESTERDAY Jack Warner - Ayanna Kinsale Former FIFA vice president and government minister Jack Warner may have lost his challenge to his extradition to the US to face a barrage of fraud-related charges, but he still has some fight left in him. On Thursday, Warner received the Privy Council’s decision on his challenge and said, in an immediate response, it was “unfathomable” for a US district attorney to start a prosecution against him “based solely on the fact that monies payable to me passed through the American banking system.” Warner said he has no bank account or property in the US, nor has he done any business there. “Furthermore, it is incredulous (sic) that allegations of misconduct arising out of a FIFA meeting held in Trinidad could be prosecuted in the US whereas, in Trinidad itself, it does not constitute criminal activity.” On Thursday, five Privy Council judges – Lords Hodge, Briggs, Hamblen, Burrows, and Sir Declan Morgan – held that the extradition process, so far, was not unfair. Warner has not yet given up. “I have lived in this country for nearly 80 years, and I am confident that I will continue to receive the love, affection, and respect that people from all walks of life have always extended to me. I am certain I will prevail in the end,” he said in a statement early on Thursday. Extradition proceedings at the magistrates’ court in Trinidad were stayed pending his legal challenges, and Warner said he has advised his attorneys to continue to press the remaining stages of the extradition proceedings. Apart from the magisterial court proceeding, which is expected to resume now that the Privy Council has ruled, Warner can challenge that outcome in the courts. A third tier of the matter, which Warner alluded to in his statement, includes making submissions to the Attorney General, who has a final statutory decision to make before any TT national can be extradited, Newsday was told. Warner challenged the process by which the extradition proceedings against him were being carried out and sought to quash the authority to proceed (ATP) signed by the Attorney General in September 2015. This was after the US asked for the former football jefe to be extradited to face some 29 charges of fraud, corruption, and money laundering. The request was made on July 24, 2015. After the 2015 general election, then-attorney general Faris Al-Rawi offered to allow Warner to make representations, but only on the condition that the deadline for receipt of the ATP would be extended with his consent. Warner refused to agree to the condition. His attorneys said he was not given sufficient time to make representations, nor was he given disclosures of any evidence the US intended to use to secure his extradition. The ATP gave the magistrate the green light to begin committal proceedings. Warner surrendered to Fraud Squad officers on May 27, 2015, after learning of a provisional warrant for his arrest. After the ATP was signed giving the go-ahead for extradition proceedings to start, FIFA banned Warner from all football activities for life. He and 13 other FIFA officials were indicted in the US. Warner was also head of Concacaf. In the US charge sheet against him, Warner is accused of racketeering, wire fraud, money laundering, and bribery; and allegedly, from the early 1990s, he “began to leverage his influence and exploit his official positions for personal gain.” He also allegedly accepted a million-dollar bribe from South African officials in return for voting to award them the 2010 World Cup, and allegedly bribed officials with envelopes of cash. He was one of 14 people charged in connection with a 24-year scheme to allegedly “enrich themselves through the corruption of international soccer.” On Thursday, Warner said FIFA was an independent association not affiliated with any government or country. “At all times it sought, in the interest of football, to offer opportunities to the widest cross-section of the international community to host the World Cup. “Particular attention was paid to developing countries who have been denied economic opportunity partly because for long periods they were under colonial domination.” He said FIFA gave preference to South Africa, Russia, and Qatar to host the World Cup finals. Warner said, “Naturally, the USA and the UK who had previously hosted the World Cup were not selected despite sustained lobbying. “They were therefore not pleased and thereafter began a campaign against FIFA which resulted in the arrest and prosecution of several executive committee members of FIFA who had assembled for a meeting in Zurich.” Warner said several European countries, including France and Switzerland; several Latin American countries, including Brazil; and several African and Middle Eastern countries have refused to extradite their citizens. “TT is therefore an outlier,” he said on Thursday. 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Post by Admin on Feb 13, 2024 4:15:40 GMT
FIFA proposes April 13, 2024, for TTFA elections as candidates begin campaigning
February 5, 2024 www.caribbeannationalweekly.com/sports/fifa-proposes-april-13-2024-for-ttfa-elections-as-candidates-begin-campaigning/By Ben McLeod In a significant development, FIFA’s appointed Normalisation Committee has tentatively scheduled the Trinidad and Tobago Football Association (TTFA) elections for president and the executive committee for April 13, 2024. The proposed date was shared with TTFA members and follows advice from FIFA official Nodar Akhalkatsi, who is the director of Strategic Projects and Member Association Governance. This decision marks the third extension for the Robert Hadad-led Normalisation Committee, which was imposed on the local football association in March 2020. However, this extension is expected to last just two weeks. FIFA acknowledged that the committee would be unable to complete its mandate within the current timeframe, and they aimed to avoid holding elections over the Easter weekend. Expected to be officially ratified shortly Nodar Akhalkatsi stated, “In order to respect the statutory prescribed specific electoral timeframe, requiring a minimum of 60 days for the Normalisation Committee to convene an elective Congress and a minimum of 45 days for candidates to submit their candidatures to the general secretariat of TTFA, the elections for a new TTFA Executive Committee will statutorily not be able to take place before the end of the mandate of the Normalisation Committee on 31 March 2023.” He further added, “Furthermore, it is of utmost importance to provide the potential candidates as well as all the members with sufficient time for the electoral process, to allow candidates enough time to organize their slates and campaign for the support of members.” - Advertisement - The proposed election date is expected to be officially ratified shortly by the Bureau of the FIFA Council, chaired by FIFA president Gianni Infantino. In line with this proposed date, TTFA General Secretary Amiel Mohammed announced that the Normalisation Committee would issue the notice for the Extraordinary Congress on or before Tuesday, February 13. Candidates interested in Executive Committee positions must submit their nominations to the TTFA General Secretariat by February 28, with the official list circulated to local football membership on April 3. The Extraordinary Congress for the election of the executive committee is set to be convened on April 13. Potential candidates While official nominations for the TTFA presidency are yet to be announced, local stakeholders have revealed potential candidates. Some of the notable figures include Denis Latiff, Kieron Edwards, Selby Browne, and Sham Mohammed. Denis Latiff, the president of the Southern Football Association (SFA), has expressed his intention to run for the presidency. Kieron Edwards, president of the Eastern Football Association (EFATT), and Selby Browne, president of the Veteran Footballers Foundation of Trinidad and Tobago (VFFOTT), are also considering entering the race. - Advertisement - Meanwhile, Sham Mohammed, CEO of Miscellaneous Marketing Limited, is another potential candidate. This development is significant for Trinidad and Tobago football, as it marks a crucial step toward holding elections and shaping the future leadership of the TTFA. The TTFA has not held an election since November 2019, and stakeholders are eager to see the process move forward.
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Post by Admin on Feb 13, 2024 4:17:18 GMT
Candidates prepare for TTFA elections www.guardian.co.tt/sports/candidates-prepare-for-ttfa-elections-6.2.1912989.e9e2ccd36aby Walter Alibey 13 days ago 20240131 Keiron Edwards, president of the Eastern Football Association. A new-look T&T football administration is on the horizon. At least three persons are eagerly awaiting the election date of the T&T Football Association (TTFA) to be called now that approval of the constitution is completed. Sunday’s Extraordinary General Meeting (EGM) of the TTFA at which 33 of the 47 members present unanimously agreed to accept the amendments of the constitution, and also invoked the right of the FIFA-appointed Normalisation Committee being led by businessman Robert Hadad, to call fresh elections and conclude their mandate to manage the local sporting discipline as handed down by the sport’s world governing body- FIFA, in March of 2020. At present, the constitution gives the right for a 60-day notice-period for the Annual General Meeting (AGM) which includes the election of an executive. This means that notice to members should be known today (January 31). However, the members are concerned by one of the new amendments that would only allow people contesting the election to be part of a slate. Also, members can only vote for a slate and not for an office position as was in the past. The slate with the most votes will manage the sport for a four-year term. It was one of many proposed amendments to the constitution that, though objected to, was still included by the Concacaf and FIFA. T&T’s constitutional expert Osmond Downer admitted the day before the EGM that some of the minor objections were changed while the major ones were not. Still, the majority of the members voted in favour of, considering a promise that changes to the constitution could be made within only a few months of having a new administration. Another major change of concern to the members was the increased number of votes—(two votes each)—given to T&T Premier League (TTPFL) clubs - Tier I (12 clubs) and Tier II (six clubs) which makes it 36 from a total of 57 votes. Downer believes that it was over-empowering clubs that focused mainly on football and not the management of the sport. The fact that the Hadad-led normalisation committee was left counting down the days of their stay in office, was scarcely a consideration, one member had said and pointed to the direction the sport needed to be heading in, rather than the leader. Hadad, who led the normalisation committee and had now achieved most of its mandate, including clearing a massive debt and ensuring that football was operational. But now he has to make way for one of three, either Selby Browne, the president of the Veterans Football Foundation of T&T, Keiron Edwards, president of the Eastern Football Association, and Dennis Latiff, the new Southern Football Association president who admitted he is now in the process of putting his slate together. Colin Wharfe, the TTPFL chief executive officer, said that while he has been approached by quite a few persons to be a presidential candidate, his focus now is totally on the T&T Premier Football League which is into its first full season. But before any candidate could be considered, each had to meet the criteria of another constitutional change. A nominee must be involved in the sport for the past eight years if he/she wants to contest the election to serve on the executive. Before that, a time frame of two out of the last four years at a managerial position had to have been met to be eligible for election. Edwards confirmed his interest in being the next TTFA president but clarified some of the key amendments,”It’s about where we are going more than who is leading. I think collectively, if the members come together and have a clear direction on the path we should go, we will be better off than studying who is the leader.” He explained, “It’s no knock on Mr Hadad, but I think they would have done their job. Now, it’s time to have the mandate of the membership, in terms of charting the way forward, on a course that would benefit T&T football on the whole and not just finance, but both on and off the field.” “I don’t see the elections being a problem, there are some new measures put in place, for example, 32 members within the set-up, and now they are requesting five members on a slate. So based on that, you can have six slates but when you start to be realistic, when you deal with the numbers you’re looking at only about three slates being able to contest the election. Those things would lend to some challenges,” Edwards explained. He continued, “I don’t think it will impact fairness or the democratic process. There are pros and cons to it, but what I am saying is that members normally have the right to vote by positions, but FIFA would have stated why they wanted it done by slate. I don’t think it would affect anything.” Edwards stated that, “If you watch the last four elections, wherever the president was elected then all other officers would have been elected in line with the president, so it is not something that is common to the TTFA election where everyone wouldn’t be voted in together. I think they were looking at saving time, they are protecting the group, but on a level of democracy, it is one that the members feel that they should be given the right to elect by office and not by slate, so I do understand the both positions.” Former president William Wallace, who was removed by FIFA in March 2020 and installed the Normalisation Committee, objected to that change, saying by that alone he could not see himself returning to the administration of a sport where the governing body has been treating them with disdain. Meanwhile, Browne said, “It is my view that the members must have a meeting before the election, to decide on a slate. At that meeting, if it is considered that there is someone better than me to be president, to restructure and develop the T&T football product, I will most definitely do what is in the best interest of the TTFA membership.
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