Fraud inquiry into £100m 2012 Olympics hole

A forensic accountancy team from KPMG has been called in to investigate irregularities at the London Development Agency after finding a £100 million hole in its 2012 Olympics accounts.

According to UK newspaper the Times, the KPMG team has the task of finding the source of the discrepancy which was found during an agency-wide financial audit started in March by London Mayor Boris Johnson.

The Olympic Legacy Directorate is the focus of investigation, after the agency failed to make provision for between £60 million and £100 million to compensate the businesses forced out of the Olympic site in Stratford.

SOURCE: Sport Business International