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No Financial Loss Was Incurred: PT Usha Responds To Allegations Over CAG Audit Report

By IANS News October 08, 2024 • 17:18 PM View: 232

The Indian Olympic Association: The Indian Olympic Association (IOA) President PT Usha has issued a clarification in response to allegations over the CAG audit report that cited an "alleged loss of Rs 24 crore to the IOA" due to "purported undue favours" extended to sponsor Reliance Industries Limited (RIL). The Comptroller and Auditor General of India (CAG) released an audit report on September 12, suggesting that the "faulty sponsorship agreement" between the IOA and Reliance Industries Limited resulted in undue benefits to RIL. It also alleged that the agreement led to a loss of Rs 24 crore to the IOA.

In response, Usha said she has already formally replied to the CAG's half-margin No. 2, dated September 12, 2024, stating that there has been no financial loss to the IOA.

"The issue stems from a flaw in the Request for Proposal (RFP) document issued in July 2022 by the previous IOA management, under which the naming rights for establishing a National Olympic Committee (NOC) House were awarded to RIL as the highest bidder. A simple caveat stating that the naming rights were "subject to the guidelines of the International Olympic Committee (IOC) and the Host Territory, issued from time to time" should have been included in the RFP to safeguard the interests of all parties. Unfortunately, this clause was overlooked," the IOA chief said in her letter.

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