An investigation into 2012 Olympics spending has revealed that a financial black hole has expanded to £160 million amid accusations of a cover-up by the Mayor of London’s officials.
An unpublished report from KPMG, which was called in to conduct the inquiry, revealed the massive accounting discrepancy at the London Development Agency. Previously the shortfall was believed to be in the region of £86 million.
The report, obtained by The Times, reveals a catalogue of management errors and budgetary failings raising questions about use of money by the organisation controlled by Boris Johnson, the Mayor of London.
First paras, all Boris\’ fault.
At the bottom, where most don\’t bother to read:
Condemning a “poor audit trail”, the accountants said that staff in the Olympic Legacy Directorate, the department in charge of the scheme, should have been aware of spiralling costs as early as April 2008.
However, the irregularity was only uncovered in May this year after Mr Johnson ordered an agency-wide audit after a series of financial scandals at the agency.
Ken fucked up and Boris uncovered it.