MTK Global announces closure amid Kinahan sanctions

MTK Global announced on Wednesday that it would cease operations by the end of this month as the fallout of the Daniel Kinahan case continues to unravel.

"As a business we have faced unprecedented levels of unfair scrutiny and criticism since the sanctioning by the U.S. Government of Daniel Joseph Kinahan," MTK Global said in a statement. "It is a matter of public record that Mr. Kinahan's involvement in MTK ceased in 2017, and despite repeated reassurances in this regard, unfounded allegations about his ongoing association with us and our fighters persist.

"Since leading promoters have now informed us that they will be severing all ties with MTK and will no longer work with our fighters, we have taken the difficult decision to cease operations at the end of this month."

The company's website was no longer in operation on Wednesday, displaying only its final statement.

MTK Global was co-founded by Kinahan in 2012, and while he sold his share of the Dubai-based company in 2017, it is widely believed he was running the business from behind the scenes in Dubai, where he now lives after fleeing Ireland, where he is wanted by authorities.

Last week, the United States formally sanctioned Kinahan along with six of his associates, including his father, Christopher Sr., and brother Christopher Jr., and three companies he is said to be involved with. A $5 million reward was offered for the "financial destruction" of the Kinahan Organised Crime Group (KOCG) and/or information leading to the arrest of any of the seven named in the U.S. government's announcement.

It is believed Kinahan was running the group's day-to-day operations from Dubai. According to the National Crime Agency (NCA), the Kinahan Cartel has been responsible for ordering murders and importing drugs and firearms worldwide, resulting in over a dozen gangland deaths. As the head of MTK Global, it is also believed Kinahan was laundering money through the company.

It is now illegal for U.S. banks, companies, or financial institutions to do business with Kinahan, which is why the boxing industry has largely disowned Kinahan in the past week.

"MTK prospered because we always put the long term interests of our fighters at the heart of what we do," MTK said in its statement. "Our priority in the weeks ahead will be to ensure that our world class boxers are supported to find new partnerships as swiftly as possible.

"MTK gyms are operated independently so will remain open for the foreseeable future. Further announcements will be made in due course. Thank you to all the fans who have supported us over the last decade."