The Financial Department of the International Association of Athletics Federations (World Athletics) has uncovered systematic embezzlement by several of its employees totaling more than €1.5 million, Idman.Biz reports.
"Unfortunately, corporate theft occurs in organizations worldwide and across all industries at various levels. The most important thing is to identify the issue, analyze how it happened, and then introduce new processes and stronger controls to prevent it from recurring. That’s exactly what we have done," said World Athletics President Sebastian Coe, as quoted by the organization’s official website.
It is noted that the theft was discovered during the first annual audit conducted under new financial leadership. An additional independent review revealed no other violations. The case materials have been submitted to judicial and law enforcement authorities for criminal investigation.
