FIDE’s Swiss Bank Accounts Frozen Due to President’s Alleged Dealings with Syrian Government

FIDE’s Swiss Bank Accounts Frozen Amid Power Struggle

In a shocking turn of events, the World Chess Federation (FIDE) has announced that its Swiss bank accounts have been frozen due to its president, Kirsan Ilyumzhinov, being under U.S. sanctions for alleged dealings with the Syrian government. This development comes amidst a power struggle within the FIDE secretariat, with Ilyumzhinov at the center of the controversy.

Ilyumzhinov, a Russian businessman and ex-politician who has been at the helm of FIDE for over two decades, was placed under U.S. sanctions in November 2015 for allegedly aiding the Syrian government. However, he has vehemently denied these accusations, calling them “outrageous and false.”

His London solicitor, Nigel Kushner, released a statement saying, “Mr Ilyumzhinov believes that the allegations form part of an ongoing smear campaign related to a power struggle at FIDE in advance of elections taking place this year.”

The situation escalated further when FIDE’s treasurer, Adrian Siegel, revealed in a letter posted on the organization’s website that UBS, the Swiss bank holding FIDE’s accounts, had decided to close them. Siegel cited U.S. sanctions as the reason behind this move, stating that the bank’s “white money strategy” prohibits doing business with individuals or institutions on the U.S. Department of the Treasury’s sanction list.

Despite Ilyumzhinov’s assurances to FIDE that he would soon be removed from the sanctions list, the organization has been forced to confront this serious problem. The power struggle within FIDE has only added to the complexity of the situation, with Ilyumzhinov’s deputy assuming presidential powers in December 2015, even though the FIDE website still lists Ilyumzhinov as president.

As the chess world watches this drama unfold, the future of FIDE remains uncertain. Will Ilyumzhinov be able to clear his name and regain control of the organization, or will this power struggle lead to a new era for the World Chess Federation? Only time will tell.