On May 18, 2012 VisionQwest Accountancy Group filed a federal lawsuit against boxing promoter Bob Arum and Top Rank, Inc., as well as Michael Koncz who acts as the Business Advisor of boxer Manny "Pacman" Pacquiao for interfering with a contractual relationship and defamation. VisionQwest contracted with Mr. Pacquiao to perform various tax and accounting functions, and to review the financial records prepared by Top Rank on each fight from 2005 and all forward fights through a co-promotion agreement between Top Rank and Pacquiao. VisionQwest was abruptly terminated by Pacquiao based on interference tactics and false allegations made by Michael Koncz, Bob Arum, and Top Rank against VisionQwest.
The VisionQwest complaint specifically alleges that Bob Arum, Top Rank, Inc., Michael Koncz, and other Defendants: intentionally and negligently caused interference with the contract and with the contractual relationship between VisionQwest and Pacquiao, as well as VisionQwest's prospective economic relations; violated unfair business practices; and defamed VisionQwest.
Over the years of 2010 and 2011 VisionQwest spent hours going over contracts and financial documentation prepared by Top Rank. The firm, after careful consideration and review notified their client that the documents being prepared and presented by Top Rank were unreliable. The firm presented the findings to Mr. Pacquiao, as well as other tax matters. Mr. Pacquiao, upset by the findings, entered into a new contract with VisionQwest, to investigate his contracts with Top Rank and evaluate whether he was owed funds. Press releases were issued that Michael Koncz would no longer be involved in a business advisory role and that all business issues would be handled by VisionQwest. Bob Arum, Top Rank, and Michael Koncz thereafter attempted to interfere with the relationship by, among other things, making a series of defamatory statements regarding VisionQwest, designed to persuade Mr. Pacquiao to terminate his contractual relationship with VisionQwest.
VisionQwest has previously filed suit against Manny Pacquiao and MP Promotions USA, Inc. for breach of contract and non-payment of fees. The case has been remanded from Federal Court back to California state court.