(Reuters) -Two World Athletics employees and a contracted consultant systematically stole more than 1.5 million euros ($1.75 million) from the organisation over several years in a theft uncovered during an audit, the sport’s governing body said on Thursday. World Athletics said it discovered the theft during its first annual audit under new financial leadership, prompting […]
Sports
Athletics-World Athletics uncovers 1.5 million euros corporate theft by staff
Audio By Carbonatix
(Reuters) -Two World Athletics employees and a contracted consultant systematically stole more than 1.5 million euros ($1.75 million) from the organisation over several years in a theft uncovered during an audit, the sport’s governing body said on Thursday.
World Athletics said it discovered the theft during its first annual audit under new financial leadership, prompting an internal investigation that led to contract terminations and criminal referrals.
While one employee had already left the organisation before their involvement was discovered, World Athletics terminated contracts for the remaining employee and consultant following the investigation.
The 3Wiresports website run by experienced Olympic journalist Alan Abrahamson named the people alleged to be involved as former chief operating officer Vineesh Kochhar and former director of broadcast James Lord, with the consultant not having any managerial responsibility. A source close to the organisation’s investigation confirmed the names to Reuters.
“Detailed cases have been prepared and handed over to the relevant judicial and legal authorities for criminal investigation,” World Athletics said in a statement.
“World Athletics instructed an independent forensic accounting review of the period to supplement its own internal investigation and no other fraudulent activity was found.
“A set of enhanced internal financial controls are being introduced across the organisation.”
World Athletics’ annual report published last month showed its year-over-year revenue was $59.8 million, up 10.5% on the previous year.
World Athletics President Sebastian Coe said the body was determined to recover whatever it could using the “full force of the law.
“Too many organisations brush incidents like this under the carpet, terminating employment with limited information which allows perpetrators to continue their scams and thefts within new organisations. We are not that type of organisation,” Coe said.
“We have built a strong reputation for good governance, transparency and for defending what is right, even if it is sometimes a little uncomfortable. This is uncomfortable but it is important that we do the right thing.”
($1 = 0.8575 euros)
(Reporting by Rohith Nair in Bengaluru;Editing by Christian Radnedge)