World Athletics reveals 1.5 million euro theft by two employees and a consultant, with contracts terminated and cases referred for criminal investigation.
MONACO: World Athletics has announced that two employees and a contracted consultant systematically stole more than 1.5 million euros from the organisation over several years.
The sport’s global governing body stated the theft was uncovered during its first annual audit under new financial leadership.
An internal investigation prompted by the discovery led to contract terminations and criminal referrals to authorities.
One implicated employee had already left the organisation before their involvement was identified.
World Athletics terminated the contracts of the remaining employee and the consultant following the investigation.
The 3Wiresports website identified the individuals as former chief operating officer Vineesh Kochhar and former director of broadcast James Lord.
The consultant allegedly involved did not hold any managerial responsibility within the organisation.
A source close to the investigation confirmed these names to the Reuters news agency.
World Athletics confirmed it has prepared detailed cases and handed them to judicial and legal authorities for criminal investigation.
The organisation instructed an independent forensic accounting review to supplement its internal investigation.
No other fraudulent activity was discovered during this comprehensive review.
A set of enhanced internal financial controls are now being introduced across the entire organisation.
World Athletics’ recently published annual report showed year-over-year revenue of $59.8 million.
This figure represents a 10.5% increase compared to the previous financial year.
President Sebastian Coe stated the body is determined to recover whatever funds possible using the full force of the law.
Coe emphasised that many organisations brush such incidents under the carpet with limited information.
He stated this approach allows perpetrators to continue their scams within new organisations.
The president affirmed that World Athletics is not that type of organisation.
Coe highlighted the organisation’s strong reputation for good governance and transparency.
He acknowledged the situation is uncomfortable but stressed the importance of doing the right thing. – Reuters
ALSO READ: Evo esports championship debuts in Europe with Nice tournament
