Boxing: Tua's backer gives up fight

David Tua's backer, boxing promoter Cedric Kushner, has agreed to pay a US$60,000 ($84,660) fine to settle US federal regulators' charges that he signed false and misleading financial statements filed by his company in May 2003.

The US Securities and Exchange Commission (SEC) yesterday announced the settlement with Kushner and his company, Cedric Kushner Promotions, which was approved by a federal court in New York last Friday.

Kushner neither admitted nor denied the SEC's allegations in agreeing to the settlement.