Locog: Taxpayer's interests 'fully protected' in G4S settlement

Taxpayer's interests have been fully protected in compensating for the difficulties experienced by G4S' security shortcomings during the Olympics, according to Locog.

Its chief financial officer Neil Wood said the overall agreement reduced the payment due to G4S by £85 million, comprising £48 million to cover step-in costs by police and military and £37 million primarily for project management failures.

The savings arising from this settlement brings the total savings to the public purse from the Locog venue security budget to £102 million compared to the position in December 2011.

– Locog chief financial officer Neil Wood

Read: G4S' failure to fulfil its Olympics contract during the London 2012 Games.

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G4S loss on Olympics contract

Security company G4S today said it will incur a loss of £70 million on its bungled Olympics contract, more than the £50 million previously estimated.