Rod Nazario, the long time business manager of Manny Pacquiao, flatly denied that the taxes due the Filipino boxer were unpaid and said there was no need for the fighter to worry because he doesn?t owe the US taxman a cent.
Nazario made this clarification after several media reports said he had mishandled Pacquiao?s tax obligations and that he pocketed some of them.
He showed a group of media men photocopies of the tax receipts that indicated the taxes he paid in behalf of Pacquiao, including $525,000 which was deducted from the Filipino?s $1.75 million purse for fighting Erik Morales.
Arriving from the United States where he met his new team of American handlers and lawyers, Pacquiao was not convinced and said he will meet with Nazario in due time for them to clarify matters.
Pacquiao, however, said that his documents and those which Nazario showed, do not tally.
“Hindi tugma,” he said when interviewed shortly after his arrival.
Nazario said he felt bad that his relationship with Pacquiao which began 10 years ago, has become soured and very likely would soon end.
He blames Pacquiao?s new handlers for the impending break.
“Nilalason nila ang isipan ni Manny,” said Nazario who claimed that all his taxes had been paid for including those due the IRS for his previous fights.
“We have paid almost $200,000 to the IRS,” said Nazario.
For example, he said, “his handlers told him that the reason why they got that much from his purse (for his recent fight) was because he owed the IRS back taxes, which is not true. The $525,000 represents the 30 percent the IRS deducted from his purse,” said Nazario, citing a letter written by IRS tax specialist Cecile Glunt that there was nothing irregular in the 30 percent deduction.
“I could not believe that Manny would believe people who he has known for weeks only. We have known each other for over 10 years and this is the first time this has happened to us,” said Nazario.
“Ganyan talaga yata kapag matamis ang isang bagay ay lalapitan ng mga langgam,” said Nazario, who revealed that he hasn?t received his 10 percent share on Pacquiao?s last paycheck.
Under the contract Pacquiao signed with his new team for the Erik Morales fight last March 19 in Las Vegas, Finkel would receive 25 percent (net) although the 10 percent would be given to Nazario being the business manager while 10 percent goes to Finkel and the remaining five percent to be shared by Davidson and Khan.
“I suspected that they won?t give it to me because it was not specified in the contract that I would receive such amount. But Manny told me he would get an addendum to the contract saying that I will get ten percent,” said Nazario, whose share would amount to $122,500 (roughly R6.7 million).
