CGOC bails out Weightlifting body with interest-free loan

August 26th, 2010 - 8:37 pm ICT by IANS  

New Delhi, Aug 26 (IANS) The Commonwealth Games Organising Committee (CGOC) Thursday bailed out the Indian Weight Lifting Federation (IWLF) with an interest-free loan of $375,000 to be paid as fine to the International Weightlifting Federation (IWF) as a doping sanction.
Fined a total of $500,000, the IWLF had paid $125,000 of the amount and had been running around for the remaining amount to meet the Aug 31 deadline and ensure the participation of Indian lifters in the Oct 3-14 Commonwealth Games. The sports ministry and Indian Olympic Association (IOA) had refused to ante up the desired amount.

Sports ministry’s joint secretary Injeti Srinivas in a letter to CGOC chief executive Jarnail Singh Tuesday directed the CGOC to give interest-free loan of $375,000 (Rs1.75 crore) to IWLF to enable it to meet its obligation towards payment of penalty to IWF.

IWLF secretary-general Sahdev Yadav was relieved at the development.

“Yes, we have received the remaining money from the Organising Committee. We are very happy and thankful to both the government and the CGOC. We will get the money in our account tomorrow and we will transfer it to the IWF the day after. We will try to return the loan at the earliest,” Yadav told IANS Thursday.

“The players are also relieved that the whole thing has been sorted out and they will be able to participate in the Commonwealth Games. They are working hard to win as many medals for India.”

The IWLF was fined $500,000 by the IWF after six Indian weightlifters tested positive in dope tests last year.

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Sports |