Organisation determined to recover the stolen money
More than 1.5 million has been stolen from World Athletics by two employees and a contractor over a period of several years, the sport's international governing body revealed on Thursday.
World Athletics said in an announcement that it discovered the theft during its finance department's first annual auditing process under a new financial leadership team.
"Unfortunately, corporate theft happens in organisations around the world and across all industry sectors at different levels. The most important thing is to identify it, review how it was able to happen and then introduce new processes and enhanced controls to ensure it doesn't happen again. This is what we have done," said World Athletics President Sebastian Coe in a statement.
One of the employees has already left the organisation before the theft was discovered, according to the announcement. The other employee and the contractor were terminated following an internal investigation.
Coe said the organisation is determined to recover the stolen money using the law, and has handed over details of the case to the relevant judicial and legal authorities for criminal investigation.
"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.
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