KEYIR NEWS:- An audit conducted by the Office of the Federal Auditor General has exposed serious financial irregularities and mismanagement within the Ethiopian Athletics Federation (EAF) during the 2023/24 fiscal year.
Central to the report is a sponsorship deal between the EAF and Adidas, effective from January 2013 to December 2020. Despite contractual provisions for duty-free equipment supply, the Federation incurred over 3.58 million Br in transit and storage costs between 2020/21 and 2023/24. Nearly half, 1.83 million Br remains unpaid.
The audit also revealed the Federation failed to distribute the agreed 11 types of training equipment to 1,200 youth athletes annually, supplying only six types. Moreover, no documentary evidence was provided detailing the amount of foreign currency received from Adidas, nor were there records of the dollar accounts used.
The Federation allegedly converted hard currency through informal agreements with individuals and institutions, without proper documentation or legal receipts. The Auditor General raised concerns over possible violations of financial transparency and foreign exchange regulations.