US EditionWorld Athletics: 2 Employees, Consultant Stole $1.73 Million
World Athletics lost $1.7 million due to employee theft, with contracts terminated and authorities in Britain and Monaco investigating, the president vowed full legal action.
- On Thursday, Monaco-based World Athletics said it lost more than 1.5 million euros to alleged systematic theft by employees, without naming suspects.
- An audit found suspicious activity spanning several years, prompting World Athletics to hand detailed case information to the relevant judicial and legal authorities for criminal investigation.
- World Athletics terminated the contracts of one employee and a consultant, noting another employee had already left, and acknowledged the moves were `uncomfortable` while stressing its reputation for governance and transparency.
- Financially, the $1.7 million allegedly taken equals more than half of the $2.4 million gold medalists prize pool at last year's Paris Olympics, against World Athletics revenue $99.4 million for 2024.
- President Sebastian Coe vowed to use `the full force of the law` to recover stolen funds and said `We are not that type of organisation`, defending World Athletics.
54 Articles
54 Articles
President Sebastian Coe is ultimately unable to complete his final presidential term without scandal.
World Athletics has announced that it has lost more than 1.5 million euros due to "systematic theft" in which its employees are suspected of being involved.
International Governing Body World Athletics Says Employees Embezzled $1.7M
World-Athletics-president-Sebastian-Coe World Athletics announced on Thursday that it had discovered corporate theft of more than $1.7 million. Two employees and a contracted consultant are being accused of embezzling the funds from the international governing body over several years. The organization, formerly known as the International Amateur Athletic Federation, reports that they have prepared detailed cases and turned the information over t…
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