Fraud Investigation Into London Olympics Agency

Fraud Investigation Into London Olympics AgencyForensic accountants are investigating irregularities at the London Development Agency after discovering a £100 million hole in its 2012 Olympics accounts.

They have been asked to find the source of the discrepancy, which was unearthed during a routine audit.

Two senior members of staff at the agency, which is the Mayor of London’s economic and business unit, have been suspended, although there is no evidence of wrongdoing.

The investigation found that the Olympic Legacy Directorate failed to make provision for between £60 million and £100 million to compensate the businesses that were forced out of the Olympic site in Stratford, East London.

The agency has paid £750 million so far to piece together the highly contaminated land, which had been an industrial dumping ground for nearly a century.

It agreed a price of about £1 million an acre with 193 small and medium-sized businesses to move to alternative premises but, four years on, has yet to settle 72 claims.

The accounting anomaly relates to a failure to put aside the money. The investigation will determine whether this was a genuine oversight or a cover-up that could amount to reckless use of taxpayers’ money.

Frenkels Forensic Accountants are able to assist with all types of fraud investigations.  For more information, please contact us.

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