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Commonwealth Games firm denies being under Indian ED scanner | The Australian firm - Sports Marketing and Management (SMAM) – has denied any wrongdoing in relation to a contract to raise sponsorships for the Delhi Commonwealth
Games, and also said that it is not under scrutiny from the powerful Enforcement Directorate. The Enforcement Directorate combats unlawful foreign currency transactions
and money laundering. Payments to SMAM and a Swiss firm, Event Knowledge Services,
worth more than 12 million dollars were under scrutiny, the Times of India had
reported. SMAM last night said the reports were incorrect and it denied any wrongdoing.
''SMAM has always operated in full conformity with applicable laws and regulations
and any insinuation about inappropriate or unlawful activities is completely unfounded
and without substance,'' the Sydney Morning Herald quoted it as saying in a statement.
SMAM, which has raised more than 110 million dollars for the Australian Olympic
Team, won an international tender in July 2007 to assist Games organisers with
sponsorships. The director, Michael Bushell, has been involved in the marketing
of the Olympic movement in Australia and other parts of the world for more than
30 years. The reports about SMAM follow revelations that the Enforcement Directorate
is investigating the transfer of about 250,000 pounds by Games organisers to a
little-known British firm, AM Films. A spokesman for Sports Marketing and Management
told the Herald it had not been contacted by Indian authorities and described
the reports as nonsense. |
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