WASHINGTON, Dec. 8, 2010 /PRNewswire-USNewswire/ -- Today, the United States Agency for International Development (USAID) suspended the Academy for Educational Development (AED) from receiving new U.S. Government awards pending an ongoing investigation by the USAID Office of Inspector General (OIG). Initial findings by USAID's OIG reveal evidence of serious corporate misconduct, mismanagement, and a lack of internal controls, and raise serious concerns of corporate integrity.
The investigation was initiated in the spring of 2009, and OIG informed USAID of its findings this summer.
USAID took this suspension action in response to substantiated evidence of misconduct by AED. The Agency takes seriously any allegations involving the mismanagement of U.S. Government funds. USAID is conducting a review of every program associated with AED. The review will determine the best steps forward for ensuring the protection of U.S. taxpayer funds and the continuity of the United States' development goals. USAID will continue to work closely with OIG during its investigation.
SOURCE U.S. Agency for International Development