World Athletics is the victim of a coordinated corporate theft of $1.7 million

The crime unfolded over several years and is now being investigated by police.

World Athletics has lost $1.7m (£1.3m) to a “coordinated theft” allegedly involving two of its staff and a contract consultant.

The global governing body passed details of the case to “appropriate judicial and legal authorities for criminal investigation” after an audit found suspicious activity over several years.

World Athletics says it has terminated the contracts of one employee and a consultant, while another employee has already left.

The Monaco-based organization issued a press release on Thursday (October 30) about the theft, but did not name any of the suspects.

The theft, which took place over several years, was discovered by World Athletics’ finance department during the first annual audit under a new financial leadership team.

World Athletics president Sebastian Coe has vowed to use “the full force of the law” to recover as much money as possible.

“Many organizations sweep incidents like this under the rug by shutting down operations with limited information, allowing criminals to continue their fraud and theft in new organizations. We are not such an organization.”

“We’ve built a strong reputation for good governance, transparency and standing up for what’s right, even if it’s a little uncomfortable at times. It’s uncomfortable, but it’s important that we do the right thing.”