The Olympics

The Olympics


News, information and stories about the Olympic Games.

Wednesday, 24 June 2009


Despite continuous assurances from those "in charge" of the London Olympics, and their political masters, that everything is under control (despite a rise in the budget from under £3BN to £12BN) it seems that £100M of taxpayers' money has been "lost".

A £100M black hole has appeared, as if by magic, in the 2012 Olympics accounts of the London Development Agency (LDA) - the budget for which is not included in the £12BN Olympics budget.

A routine audit of the accounts has uncovered large accounting irregularities, and a team of external accountants from KPMG has been called in to investigate the "lost" money.

Gareth Blacker, who oversaw the purchase of the huge Olympic site on the Lea Valley, and his accountant have been suspended. No evidence of wrongdoing is attached to either Mr Blacker or his accountant.

A source told The Times:

"This has gone beyond a routine audit, into the realms of a fraud investigation".

This gives me little faith in how our £12BN Olympics' budget is being "managed".

Olympic Medals won during the Beijing 2008 Olympics

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