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Fraud Inquiry Into £100m Hole In London Development Agency’s Olympic Accounts

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http://www.timesonline.co.uk/tol/news/uk/article6565350.ece

Forensic accountants are investigating irregularities at the London Development Agency after discovering a £100 million hole in its 2012 Olympics accounts, The Times has learnt.

A team from KPMG has been called in 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. Gareth Blacker, who was in charge of buying the land on the Olympic park under the biggest and most controversial forced relocation conducted in Britain, is on indefinite leave along with his accountant.

His department, the Olympic Legacy Directorate, is the focus of the KPMG investigation, which found that the agency 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. KPMG will determine whether this was a genuine oversight or a cover-up that could amount to reckless use of taxpayers’ money.

The deployment of a forensic team represents an increase in the investigation, according to a source. “This has gone beyond a routine audit into the realms of a fraud investigation,†he said.

Don't worry it's only taxpayers money, I'm sure nothing dodgy has happened it will be an accident so everything will be fine.

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A team from KPMG has been called in to find the source of the discrepancy

Don't worry, they'll sort it out <_<

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