Giants Asante Kotoko have been dealt a huge financial blow after Fifa ordered them to pay a €30,000 refund to Russian side FC Saturn. The defunct side paid the amount on behalf of Kotoko when the centre-back was transferred to them in 2006.
Per Articles 20 and 21 of Fifa’s Regulations on the Status and Transfer of Players, Kotoko was supposed to have paid that amount to the player’s former clubs before joining Kotoko, but the management at that time defaulted payment.
The local clubs that were supposed to have benefited however made a petition to Fifa. FC Saturn, impressed with the performance of Shilla after the 2006 Fifa World Cup finals, decided to pay off the clubs.
Kotoko refused to re-imburse the club which sent in a petition to that effect in 2009. After three years, a single judge sat and ruled last week that Kotoko pay the money to FC Saturn within thirty days of the ruling or face harsher sanctions.
According to the ruling, if Kotoko are unable to pay that amount before the first week of August, they would be liable to 5% interest per annum and also lose some privileges at Fifa.
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