Greenpeace International, a global environmental awareness organization, apologized to its contributors in an issued statement after it had lost more than $5 million in foreign currency exchange contracts.
The group confirmed that it had acquired foreign currency at a fixed exchange rate during a period when the value of the euro was rising. It had then proceeded to lose $5.2 million (3.8 million euros) in a bet that the euro would lose value against other currencies.
According to Greenpeace, it was the fault of an employee, who acted without authorization from the proper channels and moved ahead with a “serious loss of judgment.” The entity terminated the employee and will be replaced, but it did note that the person did not make any personal gain from the foreign exchange trade.
“We offer a full apology to our supporters for the series of errors that led to the loss,” Greenpeace said in a statement released Sunday. “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.”
In response to the loss, the Greenpeace International Board has ordered a complete independent audit to find out what exactly happened, how such a foreign exchange trade was made and what steps it can take in the future to improve internal relations and to prevent such an action from happening ever again.
Last year, it reported a budget deficit of $9.2 million. Greenpeace maintained an income of close to $100 million in its budget of nearly $410 million. The non-profit establishment projects it can remedy the losses within two to three years by modifying planned infrastructure investments – the organization assured supporters that it will not allocate or decrease funds from its frontline campaigns to cover the large loss.
“Greenpeace can only exist thanks to the trust supporters place in us,” Greenpeace added in its statement. “To maintain our independence, we do not accept donations from governments or corporations and rely instead on millions of individual supporters around the world. We are extremely grateful for their contributions and are determined to ensure their trust is not misplaced.”
Many took to Twitter to criticize Greenpeace for its actions because it received private contributions and then gambled that money away on high-risk investments. Numerous environmental groups blame free markets and capitalism on so-called ecological dilapidation.
“A Greenpeace rich enough to blow €3.8m on currency gamble rather makes mockery of its claim to be altruistic do-gooders fighting Big Bad Biz,” wrote one Twitter user Friday.
A Greenpeace rich enough to blow €3.8m on currency gamble rather makes mockery of its claim to be altruistic do-gooders fighting Big Bad Biz
— A Libertarian Rebel (@A_Liberty_Rebel) June 16, 2014
“Greenpeace took millions it received as private donations and blew it on high-risk casino-grade investments,” averred another.
Greenpeace took millions it received as private donations and blew it on high-risk casino-grade investments http://t.co/AOQXT6zpEI
— Craig Rucker (@CJRucker) June 16, 2014
According to Russia Today, some have criticized Greenpeace for not doing enough for the environment. Instead of focusing on the small things, the organization has been accused of honing in on only massive issues. For instance, Greenpeace was scorned for being silent when it came to a Copenhagen Zoo giraffe that was killed and publicly dissected.
The Danish zoo was later lambasted for killing four lions.
