Olympic Funds Disappear
A member of the International Olympic Committee has criticized Russia's handling of the Sochi Winter Olympics, saying they have been marred by rampant corruption and about one-third of the funds allocated to prepare for the event have been lost to embezzlement.Arguably, the redirection of funds is a ingrained cultural carry-over from 70-plus years of Russian communism, the demonstrated apex of social and political corruption. It will likely require a few generations for Russia to tamp down the culture of massive corruption. In the meantime, think of rampant fraud and theft as expected surcharges to doing business in Russia.
Corruption appeared to be an "everyday" matter in Russia, Gian-Franco Kasper, president of the International Ski Federation and a Swiss member of the IOC, said in an interview with Switzerland's SRF radio published on Wednesday.
Of the approximately $55 billion that Russia has spent to host the Games, which are scheduled to begin on Feb. 7, about one-third — or about $18 billion — has gone to line the pockets of officials or contractors who had access to the funds, Kasper said.