Banco Do Brasil Stops Volleyball Payments Amid Probe Into National Body

A report by Brazil's anti-corruption body found that companies controlled by "relatives of the former president of Brazil’s volleyball federation as well as current and former administrators" misappropriated $11.3M in sponsorship income, according to Panja & Batista of BLOOMBERG. State-controlled Banco do Brasil said that it would "immediately suspend payments to the volleyball federation and wouldn't restore funding until the organization deals with irregularities cited by the comptroller general’s office, known as CGU." The report said that funds from Banco do Brasil were distributed in 13 "irregular" contracts to companies from '10-13. The Brazilian federation has hired a Rio law firm to "help recover the missing income and has started an audit of the previous regime's activities." Two-time Olympic Silver Medalist Murilo Endres tweeted, "Nobody at the CBV was punished. It's a nonsense. Those responsible have got away with it" (BLOOMBERG, 12/12).