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Yesterday, it was revealed that Philippine tax officials had filed a criminal complaint against Manny Pacquiao regarding several "discrepancies" in the 8-division champ's 2010 tax return. The nature of these discrepancies and the extent of Pacquiao's tax problems have not been divulged and probably won't be. For all we know, these issues could be mere clerical mistakes and problems easily resolved.However, this particular situation brings up a bigger issue that needs to be addressed by Manny Pacquiao.
Once well-kept, rumors about Pacquiao's financial situation have become public knowledge over the last several months and with so much weight behind these stories, there has to be some truth to the reporting.
Last year, when independent accounting firm, VisionQwest was hired to review all of Manny's financial dealings , they were shocked at what they found.
"A complete overhaul of Manny and MP's (MP Promotions— Manny's Promotional Company) financial records and bookkeeping needed to be implemented because there were no records other than six boxes of receipts, hand written notes, and e-mails which were not kept in any order with no designations," VisonQwest stated in a press release. "Manny and MP did not have any important documents in their possession like bout contracts, bank statements, bout proceed distributions, endorsement contracts, promoter contracts, co-promoter contracts, property ownership records and many other important documents…"
A little later in the same press release, it was revealed that Pacquiao was unable to pay the accounting firm for their services upfront due to "a lack of funds" and that the fighter would issue payment to them after he got his advance for 2011's Juan Manuel Marquez fight. VisionQwest even loaned Manny Pacquiao money in order to help buy a house for advisor, Michael Koncz.
According to the accounting firm, Pacquiao promoter, Bob Arum, became increasingly uncooperative in forwarding crucial revenue documents and flew into a rage when the company took it upon themselves to search for the necessary documents at the offices of the Nevada State Athletic Commission. Shortly thereafter, VisionQwest was fired by Pacquiao and his management team.
Back in July of last year, this writer posted an article on another website, using official documents from the House of Representatives in the Philippines as its main source, that quoted Manny's net worth as a shockingly low $26 million USD (prior to last May's Shane Mosley bout).
Manny laughed off the report, but the truth of the matter, if these reports from independent sources are to be believed, is that the Filipino legend has a very loose grasp on what he has and the money he has made.
According to VisionQwest, Manny was "distraught" when he saw their initial findings, but urged that no legal action be taken until he could get his pay for the Marquez fight because, presumably, he was in need of the money.
Somehow, Pacquiao was convinced to fire VisionQwest, the one group that seemed to have his best interest at heart, and he decided to continue with the same crew that had made his finances a mess in the first place.
Now, these latest tax issues have sprung up.
Pacquiao will likely work his way out of this legal situation back home, but the fact remains that something's not right with the financial situation of Manny Pacquiao.
Boxers who risk their lives for their glory deserve to have their fortunes intact. Hopefully, Manny can fix things and not become yet another fighter with a sad story to tell after an illustrious career.
http://sports.yahoo.com/box/news?slug=ycn-11075870
Once well-kept, rumors about Pacquiao's financial situation have become public knowledge over the last several months and with so much weight behind these stories, there has to be some truth to the reporting.
Last year, when independent accounting firm, VisionQwest was hired to review all of Manny's financial dealings , they were shocked at what they found.
"A complete overhaul of Manny and MP's (MP Promotions— Manny's Promotional Company) financial records and bookkeeping needed to be implemented because there were no records other than six boxes of receipts, hand written notes, and e-mails which were not kept in any order with no designations," VisonQwest stated in a press release. "Manny and MP did not have any important documents in their possession like bout contracts, bank statements, bout proceed distributions, endorsement contracts, promoter contracts, co-promoter contracts, property ownership records and many other important documents…"
A little later in the same press release, it was revealed that Pacquiao was unable to pay the accounting firm for their services upfront due to "a lack of funds" and that the fighter would issue payment to them after he got his advance for 2011's Juan Manuel Marquez fight. VisionQwest even loaned Manny Pacquiao money in order to help buy a house for advisor, Michael Koncz.
According to the accounting firm, Pacquiao promoter, Bob Arum, became increasingly uncooperative in forwarding crucial revenue documents and flew into a rage when the company took it upon themselves to search for the necessary documents at the offices of the Nevada State Athletic Commission. Shortly thereafter, VisionQwest was fired by Pacquiao and his management team.
Back in July of last year, this writer posted an article on another website, using official documents from the House of Representatives in the Philippines as its main source, that quoted Manny's net worth as a shockingly low $26 million USD (prior to last May's Shane Mosley bout).
Manny laughed off the report, but the truth of the matter, if these reports from independent sources are to be believed, is that the Filipino legend has a very loose grasp on what he has and the money he has made.
According to VisionQwest, Manny was "distraught" when he saw their initial findings, but urged that no legal action be taken until he could get his pay for the Marquez fight because, presumably, he was in need of the money.
Somehow, Pacquiao was convinced to fire VisionQwest, the one group that seemed to have his best interest at heart, and he decided to continue with the same crew that had made his finances a mess in the first place.
Now, these latest tax issues have sprung up.
Pacquiao will likely work his way out of this legal situation back home, but the fact remains that something's not right with the financial situation of Manny Pacquiao.
Boxers who risk their lives for their glory deserve to have their fortunes intact. Hopefully, Manny can fix things and not become yet another fighter with a sad story to tell after an illustrious career.
http://sports.yahoo.com/box/news?slug=ycn-11075870
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