On Thursday, World Athletics made public that over multiple years, two staff members and a hired consultant deliberately stole euros 1.5 million plus from the organisation. This massive embezzlement, equal to roughly $ 1.75 million, was found during the first annual audit under new financial supervision in the sport’s governing body.
The organisation revealed that the disappearance of funds was found during a routine financial check, followed by an immediate internal inquiry. Consequently, it terminated the contracts of those involved and filed reports to the police.
Criminal Cases Referred to Authorities
World Athletics has prepared detailed reports on the theft and handed them over to the judicial and legal authorities for a criminal investigation. The organisation wants to make sure that those who are responsible for the money theft will face the law. Besides, an independent forensic accounting review was initiated for the whole period to ensure that there was no other fraudulent activity.
The review did not find any other theft or fraud beyond what the three people had done. World Athletics is currently strengthening its internal financial controls throughout the organisation to make sure that nothing like this can happen again. These new steps will enable any suspicious activities to be detected at a much earlier stage in the future.
Transparency and Legal Action
World Athletics President Sebastian Coe expressed that the organisation is resolved to use “the full force of the law” to recover as much of the misappropriated money as possible. He noted that hiding incidents like this under the carpet, terminating employment with limited information, thus allowing perpetrators to continue their scams and thefts within new organisations. We are not that kind of organisation,” Coe remarked. He underlined that World Athletics has created a good governance and transparency reputation and it intends to uphold the right even when it is uncomfortable.
Despite Theft Finances Remain Strong
World Athletics is still in good financial condition despite the theft. The organisation’s annual report published last month revealed that its year-over-year revenue was $59.8 million, which is 10.5 per cent higher than the previous year. Hence the amount stolen, although it is a significant one, is only a small fraction of the organisation’s total budget.
Coe pointed to the handling of the case as one of the most important things for World Athletics, emphasising the necessity of doing it in the right way and being open about it. “This is very awkward but we really must do the right thing,” he commented. The organisation believes that being open about the theft is a good example set for other sports bodies and shows that the law applies to everyone no matter the rank.
News At Glance
- Two World Athletics employees and a consultant stole 1.5 million euros over multiple years
- The theft was found during the first annual audit under new financial leadership this year
- World Athletics terminated the staff remaining involved and handed over the criminal cases to the authorities
- Independent forensic review revealed no other fraudulent activities besides the three people involved
- The organisation’s annual revenue is $59.8 million, a 10.5 per cent increase from the previous year
FAQs
Q1: How much money was stolen from World Athletics?
More than 1.5 million euros, which amounts to roughly $1.75 million, was stolen over several years.
Q2: Who was involved in the theft?
Two employees from World Athletics and one contracted consultant were the parties responsible for the fraud which they systematically stole the organisation’s money without being detected.
Q3: How was the theft discovered?
The theft was located during World Athletics’ first annual audit under new financial leadership when a routine check was made.
Q4: What happened to the people involved?
Before the discovery of the case, one person had already left. An employee was consequently dismissed and a consultant’s contract was cancelled.
Q5: Will World Athletics try to get the money back?
Yes, President Sebastian Coe stated that the entity is eager to get back the money by using the full power of the law.
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