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Swiss authorities raid FIFA headquarters re $80 million bonus and pay rise scheme

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Swiss authorities raid FIFA headquarters re $80 million bonus and pay rise scheme

Post by Admin on Sat Jun 04, 2016 3:24 pm

Banned former FIFA President Sepp Blatter and sacked duo Jérôme Valcke and Markus Kattner awarded themselves bonuses and pay rises totalling $80 million (£55 million/€71 million) over a five-year period, it has been revealed after Swiss authorities conducted a fresh raid on the organisation’s headquarters in Zurich today.

According to FIFA's lawyers Quinn Emanuel, some of the contracted payments are in breach of Swiss law and "warrant considerable further investigation", including handing over the evidence to Swiss and American prosecutors.

Blatter and Valcke are serving six and 12-year bans respectively from all footballing activity, while Kattner was sacked last week for "financial breaches" linked to his job.
FIFA's law firm have shed light on a series of poorly-timed contract extensions and bonuses, including for the World Cup.

They include Blatter, Valcke and Kattner being given a combined CHF23 million (£16.1 million/$23.5 million/€21 million) in December 2010 following the competition in South Africa that year, which was approved "apparently without an underlying contract provision stipulating such bonuses".

The information also shows Valcke and Kattner were awarded a combined CHF14.4 million (£10.1 million/$14.7 million/€13 million) following the 2014 tournament in Brazil.
Kattner was handed an additional four-year contract extension on May 30 last year, just three days after six FIFA officials were arrested in dawn raids in Zurich, which guaranteed more than eight years of future salary and bonus payments totalling up to CHF9 million (£6.3 million/$9.2 million/€8.1 million) in the event of his dismissal.

"In total, the new documents and evidence appear to reveal a coordinated effort by three former top officials of FIFA to enrich themselves through annual salary increases, World Cup bonuses, as well as undue severance payments," a statement read........

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