The Korean Tennis Association, mired in billions of won in debt, paralyzed by administration and facing embezzlement allegations against its president, held a board meeting to resolve its problems but failed to find any clear answers.
The KTA held its fourth board meeting for the year 2023 on the afternoon of the 30th in the conference room of the Olympic Park Tennis Stadium in Songpa-gu, Seoul.
The board of directors reported on the progress of various lawsuits against the organization and discussed future responses.
The KTA has been unable to repay billions of won in debt to MediaWill, a company run by former chairman Joo Won-hong’s brother, in connection with a project to remodel the tennis courts at the Korea Military Academy, and all bank accounts in the KTA’s name have been seized.
Chung Hee-kyun, chairman of the KTA, suggested to the board of directors the formation of an emergency committee and bankruptcy as ways to resolve the issue, but no conclusion was reached.
The board members were divided on the proposal to form an emergency committee, while the bankruptcy option was discussed as a legal process, the KTA said.
There have been allegations that Chung engaged in embezzlement by accepting sponsorship money from various contracts signed in the name of the KTA through the Korea Junior Tennis Development Foundation, which he created when he took office, as well as part of the advertising revenue from international tournaments and using it as personal money.
The Sports Ethics Center has launched an investigation into the matter.
“I may have made mistakes in the process of trying to normalize the association, but I have never personally taken advantage of it,” Chung said, adding, “I will faithfully receive the upcoming audit (by the Sports Ethics Center) and take responsibility for what I am responsible for, and take action for what I am not.”
The association decided to hold another board meeting on March 6 to continue discussions after reviewing the solution. 토토사이트