World Athletics president Sebastian Coe said the organisation was “determined to recover whatever monies we are able using the full force of the law”.

“Too many organisations brush incidents like this under the carpet, terminating employment with limited information, which allows perpetrators to continue their scams and thefts within new organisations,” he added.

“We are not that type of organisation. We have built a strong reputation for good governance, transparency and for defending what is right, even if it is sometimes a little uncomfortable.

“This is uncomfortable but it is important that we do the right thing.”

The governing body said it will also introduce “a set of enhanced internal financial controls” to prevent future frauds.