Source Pravda.Ru

Former Olympic Committee president fined for mismanaging organization’s finances

Former Norwegian Olympic Committee president Kjell O. Kran has been fined for mismanaging the organization's finances.

Kjell O. Kran and Secretary-General Ivar Egeberg resigned from the combined Norwegian Sports Federation and Olympic Committee in February 2004 after presenting budget losses that forced layoffs and cost cuts.

Cases against both men, as well as former board member Steinar Arvesen, were then filed with the federation's disciplinary panel. In a ruling announced Tuesday, the panel dismissed the case against Egeberg and cleared Arvesen, but ordered Kran to pay a 10,000 kroner (US$1,538, euro1,282.) fine. He has the right to appeal, the AP reports.

The panel found that Kran had primary responsibility for the 35.2 million kroner (US$5.41 million, euro4.5 million) deficit for 2003 that sent the federation into an economic crisis, forcing it to cut 12 percent of its staff of about 250 full and part-time workers.

The ruling said that Kran failed to ensure adequate information about and control of the federation's finances during the 2001-2003 period of his term. A.M.

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