Correios, the Brazilian national postal service that has sponsored Brazilian swimming for 26 years, has ended its deal with the troubled Brazilian aquatics confederation (CBDA).
Investigations into alleged fraud in the ranks of the CBDA, whose president and FINA Bureau member Coarcy Nunes was arrested last Thursday, are at the root of the Correios decision.
The inquiry underway rests on on the alleged use of reals 40 million by the federation for questionable kit deals, according to Brazilian media reports.
Globoesporte says that the investigations have caused Correios, which had been contemplating its support for the aquatics federation for a while at a time of financial squeeze in the Brazilian economy, to cut the ties of a quarter of a century.
In a statement, Correios noted:
“Partners of the Brazilian Confederation of Aquatic Sports for more than 20 years, Correios deplores the latest events … it had already been a difficult decision to reduce sponsorship to the CBDA in 2016 due to budgetary issues because this investment is aimed at supporting top athletes and is also part of a social projects scheme in Brazil. Now, because of the negative impact and wear and tear on the company’s image, the Post Office is taking legal action and has contractually foreseen the end of the current sponsorship agreement, which would have been valid for the period 2017/2019.”