KPMG investigates London Olympics £100m hole
A routine audit of the 2012 London Olympics accounts has revealed a £100m irregularity.
A team of forensic accountants from KPMG is now investigating the discrepancy at the London Development Agency, according to timesonline.co.uk
Two senior members of staff have been suspended despite no evidence being held against them.
The Olympic Legacy Directorate is at the center of the investigation which is assessing the failure of a provision for between £60m and £100m as compensation for the Stratford-based businesses forced to …
A routine audit of the 2012 London Olympics accounts has revealed a £100m irregularity.
A team of forensic accountants from KPMG is now investigating the discrepancy at the London Development Agency, according to timesonline.co.uk
Two senior members of staff have been suspended despite no evidence being held against them.
The Olympic Legacy Directorate is at the center of the investigation which is assessing the failure of a provision for between £60m and £100m as compensation for the Stratford-based businesses forced to relocate from the Olympic site in East London.
KPMG is charged with deciphering whether the lack of provision was a genuine oversight or a deliberate cover-up.
According to an agency spokesman, some ‘additional spending committments’ had been identified, however, the shortfall could be covered by savings made elsewhere.
