Brazilian Olympic Committee 'Foots' R$23M Bill For 2007 Pan, Parapan American Games

More than seven years after the event, the Pan and Parapan American Games of Rio 2007 "still has open accounts, recording losses that are being paid" by the Brazilian Olympic Committee (COB), according to Brito & Cruz of UOL. By contract, the COB "became responsible for the obligations of the organizing committee, Co-Rio 2007." For the year ending Dec. 31, 2014, Co-Rio 2007 "discovered" a recorded debt of R$190,200 and an accumulated deficit of R$23.9M. This meant the COB "would assume the debt." And, since the president of each entity was the same person, Carlos Arthur Nuzman, the "operation was facilitated" and the COB Exec Council issued a "type of 'debt forgiveness'" toward Co-Rio 2007. The COB has now taken over the debt of Co-Rio 2007 for '13, which totaled R$7.5M, and '14, totaled at R$2M and details of which "were not disclosed" (UOL, 4/15).