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Friday 19 September 2014

Greenpeace loses £3m on euro bet

Published 16/06/2014 | 10:32

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Greenpeace has lost three million pounds on a bet that the euro would not rise against other currencies

Greenpeace International has acknowledged losing 3.8 million euros (£3.02 million) on a bet that the euro would not strengthen against other currencies in 2013 - but it did.

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The environmental group, which is based in Amsterdam, said the money was lost by an employee who acted beyond the limits of his authority but had hoped to benefit the organisation.

Greenpeace did not identify the staff member, who has been fired, and added there was no evidence of fraud.

In a statement released on Monday, Greenpeace apologised for the blunder to supporters and donors, and said it was studying what went wrong.

It said it would absorb the loss over a period of several years by trimming "infrastructure investments".

The group pledged not to reduce spending on campaigns to protect the environment.

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