World Athletics has reported a loss exceeding 1.5 million euros (approximately $1.7 million US) due to what it describes as “systematic theft” involving its own staff members. Following an audit that uncovered suspicious activities spanning several years, the organization took swift action by providing detailed case information to the appropriate legal authorities for further investigation. As a result of these findings, World Athletics terminated the contracts of one employee and a consultant, while another employee had already departed.
Although World Athletics did not disclose the identities of the individuals suspected of being involved in the theft, it confirmed reaching out to authorities in both Britain and Monaco. President Sebastian Coe expressed a firm commitment to utilizing all legal measures to recover the embezzled funds, emphasizing the organization’s dedication to transparency and ethical conduct.
Coe highlighted the importance of addressing such incidents openly, contrasting with organizations that may attempt to conceal misconduct. He stressed the organization’s reputation for upholding good governance and integrity, even in challenging situations. The amount reportedly misappropriated by World Athletics exceeds half of the prize money awarded to gold medalists at the previous year’s Paris Olympics, representing a significant portion of the organization’s overall revenue, which was bolstered by Olympic-related income.