Financial News

  • 17 June 2014, 9:37

Greenpeace Sacks Worker For Failed £3m 'Bet'

Greenpeace International has apologised to the environmental campaign group's donors after a member of staff lost £3m on foreign exchange markets by betting on a weak euro.

The group, which is responsible for funding Greenpeace activities across the world, said the person responsible for the failed foreign currency exchange management contracts had been sacked.

Its statement said: "We offer a full apology to our supporters for the series of errors that led to the loss.

"We further wish to reassure people that every possible action is being taken to avoid the possibility of such a loss ever occurring again in future".

The group said the blunder happened when the employee, who worked in its international finance unit, acted beyond the limits of their authority and "entered into contracts to buy foreign currency at a fixed exchange rate while the euro was gaining in strength."

Greenpeace International said there was no evidence of personal gain but its 2013 Annual Report, to be published soon, would show a budget deficit of ?6.8m (£5.4m) for the year - a figure that includes its currency loss.

The group, which recently staged an anti-fracking stunt at the Prime Minister's home in the Cotswolds, said it would have to adjust its spending plans for the next few years to take account of the failed trade.

But it insisted that no money would be taken from frontline campaigning to protect "the climate, our oceans, rainforests and precious natural environment".

 

Advertisement