IBO SUSPENDS PROMOTER FOR FAILURE TO PAY THE PURSE OF CHAMPION REY LORETO
By Ronnie Nathanielsz
PhilBoxing.com
Thu, 30 Apr 2015
International Boxing Organization president Ed Levine has informed Games and Amusements Board chairman Ramon Guanzon that the IBO has acted on what Levine described as ?a very distressing situation? after he received a letter from the GAB chairman detailing the failure of the South African promoter Sipatho Handi to pay the purses of light flyweight champion Rey Loreto who won by a 1st round knockout in a rematch with former champion Nkosinati Joyi last March 23 in South Africa.
Levine informed chairman Guanzon ?that at a meeting last week of our Championships Committee the South African promoter was suspended as a licensed promoter for the IBO.?
The IBO president also disclosed that he had ?received correspondence indicating that the South African Government is working to resolve this matter. We are hopeful that this ultimately will lead to the payments due to all concerned parties and most importantly Rey Loreto.?
A total of $45,000 is due both Loreto and Jetly Purisima who figured in a ten round bout on the undercard.
He emphasized that ?If this proves unsuccessful the IBO will certainly cancel the promoters license.?
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