Idman.biz
World Athletics has uncovered systematic embezzlement by two employees working as consultants on a contract basis within the organization.
İdman.Biz reports this with reference to the organization's press service.
The theft, totaling slightly more than 1.5 million euros over several years, was discovered by World Athletics' finance department during the first annual audit led by the new finance team.
Although one employee left the organization before the theft was discovered, the contracts of the other employee and the consultant were terminated after an internal investigation. Detailed case materials have been prepared and submitted to the relevant judicial and law enforcement authorities for investigation in a criminal case.
"Unfortunately, corporate theft occurs in organizations around the world and in all sectors at various levels. The most important thing is to identify it, analyze how it happened, and then implement new processes and strengthen controls to prevent it from happening again. That's exactly what we did.
We are also committed to recovering all possible funds using the full force of the law. Many organizations cover up such incidents, fire employees with limited information, allowing fraudsters to continue their fraudulent activities and theft in new organizations. We are not such an organization," said World Athletics CEO Sebastian Coe.
