World Athletics Uncovers Major Internal Fraud

World Athletics discovered a theft of over 1.5 million euros by staff members through an audit. This led to terminations and criminal referrals. Investigations did not find further fraudulent activities, and new financial measures have been implemented to prevent future occurrences.

In a shocking revelation, World Athletics disclosed that two employees and a contracted consultant siphoned off over 1.5 million euros from the organization. This was uncovered during an audit detailed by the governing body on Thursday.

The embezzlement came to light during World Athletics' inaugural annual audit under new financial management. Subsequent internal investigations led to dismissals and criminal proceedings. The implicated employees include former chief operating officer Vineesh Kochhar and former broadcast director James Lord. Meanwhile, steps have been taken to reinforce financial controls within the organization.

World Athletics has pledged to recuperate the misappropriated funds and uphold its commitment to transparency and governance. President Sebastian Coe firmly stated the organization would leverage legal avenues to reclaim losses and prevent similar incidents in the future.

(With inputs from agencies.)